In [1]:
import warnings
import pandas as pd
from sklearn.decomposition import PCA, NMF
from sklearn.feature_extraction.text import TfidfVectorizer
from sklearn.linear_model import LinearRegression
from sklearn.model_selection import train_test_split
from sklearn.neighbors import KNeighborsRegressor
from sklearn.pipeline import make_pipeline
import shap
In [2]:
from scripts.get_statements import get_statements
from scripts.get_prices import get_prices
from scripts.metrics import get_scores, display_graphs
with warnings.catch_warnings():
warnings.filterwarnings("ignore")
from scripts.st_cache import SENTENCE_TRANSFORMER_CACHE
from scripts.sklearn import ClassifiedRegressor, EncoderTransformer, SentenceSelector
from scripts.shap import masker, ShapModel
In [3]:
import os
try:
os.mkdir('./data')
except FileExistsError:
pass
In [ ]:
docs = get_statements('2008-01-01', '2024-07-01')
docs.to_parquet('./data/FOMC_statements.parquet')
In [4]:
docs = pd.read_parquet('./data/FOMC_statements.parquet')
In [5]:
symbols = './tickers.csv'
In [6]:
prices = get_prices(symbols, 45, 20, docs.index.min(), docs.index.max())
prices.to_parquet('./data/prices.parquet')
In [7]:
prices = pd.read_parquet('./data/prices.parquet')
In [8]:
seed=0
model_name = 'philschmid/bge-base-financial-matryoshka'
# model_name = 'FinLang/finance-embeddings-investopedia'
In [9]:
def splitter(ser):
return ser.str.replace(
r'\r\n', ' ', regex=True
).str.split(
r'\n', regex=True
).explode(
).str.strip(
).str.replace(
r'\s+', ' ', regex=True
)
def condition(ser):
conds =[
ser!='',
~ser.str.contains(r'^Voting for'),
~ser.str.contains('[email protected]', regex=False),
~ser.str.lower().str.contains(r'implementation note issued.*\d'),
ser.str.split(' ').apply(len)>15,
]
return pd.concat(conds, axis=1).all(axis=1)
def examples(ser):
return (
(ser.str.lower().str.contains('the committee decided')\
& ser.str.contains(r'\d\spercent', regex=True))
| ser.str.contains('Federal Reserve Actions')\
)
In [177]:
selector = SentenceSelector(
splitter,
SENTENCE_TRANSFORMER_CACHE(model_name),
condition,
examples,
KNeighborsRegressor(5)
)
tfidf_model = make_pipeline(
selector,
TfidfVectorizer(min_df=.05, max_df=.5),
NMF(6, max_iter=1000),
ClassifiedRegressor(LinearRegression(), False)
)
enc_model = make_pipeline(
selector,
EncoderTransformer(model_name),
PCA(24),
ClassifiedRegressor(LinearRegression(), False)
)
In [178]:
y = prices.asfreq('D').bfill().loc[docs.index]
y = y.dropna(axis=1)#.sort_index(axis=1)
In [179]:
X_, X_test, y_, y_test = train_test_split(docs, y, test_size=.4, random_state=seed)
In [180]:
tfidf_model.fit(X_, y_)
enc_model.fit(X_, y_);
In [181]:
get_scores(y_test, tfidf_model.decision_function(X_test),0)
Out[181]:
| acc | mse | pearson | |
|---|---|---|---|
| Ticker | |||
| 13 Week Treasury Bill | 0.477561 | 4.607039 | -0.138357 |
| NASDAQ Composite | 0.528428 | 0.946904 | 0.267823 |
| Russell 2000 | 0.533159 | 0.951595 | 0.227018 |
| S&P 500 | 0.589477 | 0.902036 | 0.349750 |
| Treasury Yield 30 Years | 0.517725 | 1.066939 | 0.126704 |
| Volatility Index | 0.484406 | 0.960154 | 0.212622 |
In [182]:
get_scores(y_test, enc_model.decision_function(X_test),0)
Out[182]:
| acc | mse | pearson | |
|---|---|---|---|
| Ticker | |||
| 13 Week Treasury Bill | 0.490205 | 24.044279 | -0.133499 |
| NASDAQ Composite | 0.599739 | 0.902112 | 0.357935 |
| Russell 2000 | 0.560060 | 0.871769 | 0.367328 |
| S&P 500 | 0.613854 | 0.806923 | 0.473613 |
| Treasury Yield 30 Years | 0.537718 | 1.006090 | 0.287658 |
| Volatility Index | 0.440496 | 0.851700 | 0.449209 |
In [184]:
display_graphs(y_test, tfidf_model.decision_function(X_test), 0)
In [ ]:
display_graphs(y_test, tfidf_model.decision_function(X_test), 0)
In [70]:
display_graphs(y_test, enc_model.decision_function(X_test), 0)
In [185]:
from wordcloud import WordCloud
In [186]:
tfidf = tfidf_model[1]
nmf = tfidf_model[2]
In [187]:
vocab = tfidf.vocabulary_
vocab = sorted(vocab, key=lambda w: vocab[w])
features = nmf.components_
frequencies = pd.DataFrame(features.T, vocab)
In [188]:
snp_cols = y.columns.get_level_values(1)=='S&P 500'
In [208]:
lin_reg = tfidf_model[3].estimator
coefs = lin_reg.coef_[snp_cols].mean(0)
In [222]:
import matplotlib.pyplot as plt
fig, axes = plt.subplots(3, 2, layout='constrained')
for i, ax in enumerate(axes.ravel()):
wc = WordCloud(colormap='Set2')
wc.generate_from_frequencies(frequencies[i])
ax.imshow(wc)
ax.set_title(f'Coefficient: {coefs[i]:.2}')
ax.set_axis_off()
In [223]:
test_examples = [
'2012-12-12',
'2021-06-16',
'2009-08-12',
'2019-03-20',
'2010-05-09',
]
test_examples = pd.to_datetime(test_examples)
test_examples = X_test[X_test.index.isin(test_examples)]
In [224]:
shap_model = ShapModel(enc_model, 30, y_)
ticker_names = y[y.columns.get_level_values(0)[0]].columns
explainer = shap.Explainer(shap_model, masker, output_names=ticker_names)
shap_values = explainer(enc_model[0].transform(test_examples))
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In [225]:
shap.plots.text(shap_values)
[0]
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years
inputs
-0.158 / 4
To support continued progress
0.254 / 4
toward maximum employment and
-0.19 / 4
price stability, the
-0.135 / 4
Committee expects that a
-0.001 / 4
highly accommodative stance of
-0.124 / 4
monetary policy will remain
-0.072 / 2
appropriate for
-0.087 / 2
a considerable
-0.107 / 4
time after the asset
0.142 / 2
purchase program
0.047
ends
0.219
and
-0.279 / 4
the economic recovery strengthens.
-0.182 / 4
In particular,
-0.146 / 4
the Committee decided to
-0.329 / 4
keep the target range
0.366 / 4
for the federal funds
0.396 / 4
rate at 0 to
0.088 / 3
1/4 percent
0.096
and
0.389 / 8
currently anticipates that this exceptionally low range for
0.454 / 4
the federal funds rate
0.363 / 4
will be appropriate at
-0.074 / 4
least as long as
-0.013 / 4
the unemployment rate remains
0.041 / 4
above 6-1/2
0.039 / 5
percent, inflation between one
-0.271
and
-0.282 / 4
two years ahead is
-0.253 / 8
projected to be no more than a half
0.204 / 4
percentage point above the
0.21 / 4
Committee’s 2 percent
-0.194 / 4
longer-run goal,
-0.178
and
-0.408 / 4
longer-term inflation expectations
-0.385 / 4
continue to be well
0.107 / 4
anchored. The Committee
0.135 / 4
views these thresholds as
-0.021 / 8
consistent with its earlier date-based guidance.
0.047 / 4
In determining how long
0.019 / 4
to maintain a highly
0.066 / 4
accommodative stance of monetary
0.172 / 4
policy, the Committee
-0.016 / 8
will also consider other information, including additional
-0.088 / 11
measures of labor market conditions, indicators of inflation pressures and
0.088 / 4
inflation expectations, and
0.259 / 8
readings on financial developments. When the Committee
0.218 / 8
decides to begin to remove policy accommodation,
0.076 / 8
it will take a balanced approach consistent with
-0.24 / 4
its longer-run goals
-0.147 / 4
of maximum employment and
-0.062 / 2
inflation of
-0.057 / 2
2 percent
inputs
-0.158 / 4
To support continued progress
0.254 / 4
toward maximum employment and
-0.19 / 4
price stability, the
-0.135 / 4
Committee expects that a
-0.001 / 4
highly accommodative stance of
-0.124 / 4
monetary policy will remain
-0.072 / 2
appropriate for
-0.087 / 2
a considerable
-0.107 / 4
time after the asset
0.142 / 2
purchase program
0.047
ends
0.219
and
-0.279 / 4
the economic recovery strengthens.
-0.182 / 4
In particular,
-0.146 / 4
the Committee decided to
-0.329 / 4
keep the target range
0.366 / 4
for the federal funds
0.396 / 4
rate at 0 to
0.088 / 3
1/4 percent
0.096
and
0.389 / 8
currently anticipates that this exceptionally low range for
0.454 / 4
the federal funds rate
0.363 / 4
will be appropriate at
-0.074 / 4
least as long as
-0.013 / 4
the unemployment rate remains
0.041 / 4
above 6-1/2
0.039 / 5
percent, inflation between one
-0.271
and
-0.282 / 4
two years ahead is
-0.253 / 8
projected to be no more than a half
0.204 / 4
percentage point above the
0.21 / 4
Committee’s 2 percent
-0.194 / 4
longer-run goal,
-0.178
and
-0.408 / 4
longer-term inflation expectations
-0.385 / 4
continue to be well
0.107 / 4
anchored. The Committee
0.135 / 4
views these thresholds as
-0.021 / 8
consistent with its earlier date-based guidance.
0.047 / 4
In determining how long
0.019 / 4
to maintain a highly
0.066 / 4
accommodative stance of monetary
0.172 / 4
policy, the Committee
-0.016 / 8
will also consider other information, including additional
-0.088 / 11
measures of labor market conditions, indicators of inflation pressures and
0.088 / 4
inflation expectations, and
0.259 / 8
readings on financial developments. When the Committee
0.218 / 8
decides to begin to remove policy accommodation,
0.076 / 8
it will take a balanced approach consistent with
-0.24 / 4
its longer-run goals
-0.147 / 4
of maximum employment and
-0.062 / 2
inflation of
-0.057 / 2
2 percent
inputs
-0.136 / 4
To support continued progress
0.324 / 4
toward maximum employment and
-0.289 / 4
price stability, the
-0.269 / 4
Committee expects that a
0.079 / 4
highly accommodative stance of
-0.017 / 4
monetary policy will remain
0.038 / 2
appropriate for
0.016 / 2
a considerable
-0.024 / 4
time after the asset
0.136 / 2
purchase program
0.031
ends
0.226
and
-0.259 / 4
the economic recovery strengthens.
-0.169 / 4
In particular,
-0.217 / 4
the Committee decided to
-0.329 / 4
keep the target range
0.291 / 4
for the federal funds
0.304 / 4
rate at 0 to
0.008 / 3
1/4 percent
0.022
and
0.462 / 8
currently anticipates that this exceptionally low range for
0.349 / 4
the federal funds rate
0.305 / 4
will be appropriate at
-0.075 / 4
least as long as
-0.087 / 4
the unemployment rate remains
0.131 / 4
above 6-1/2
0.148 / 5
percent, inflation between one
-0.281
and
-0.308 / 4
two years ahead is
-0.135 / 8
projected to be no more than a half
0.048 / 4
percentage point above the
0.045 / 4
Committee’s 2 percent
-0.152 / 4
longer-run goal,
-0.141
and
-0.277 / 4
longer-term inflation expectations
-0.346 / 4
continue to be well
0.125 / 4
anchored. The Committee
0.169 / 4
views these thresholds as
0.01 / 8
consistent with its earlier date-based guidance.
0.075 / 4
In determining how long
0.048 / 4
to maintain a highly
0.032 / 4
accommodative stance of monetary
0.106 / 4
policy, the Committee
0.059 / 8
will also consider other information, including additional
0.066 / 11
measures of labor market conditions, indicators of inflation pressures and
0.108 / 4
inflation expectations, and
0.243 / 8
readings on financial developments. When the Committee
0.082 / 8
decides to begin to remove policy accommodation,
-0.0 / 8
it will take a balanced approach consistent with
-0.211 / 4
its longer-run goals
-0.129 / 4
of maximum employment and
-0.117 / 2
inflation of
-0.119 / 2
2 percent
inputs
-0.136 / 4
To support continued progress
0.324 / 4
toward maximum employment and
-0.289 / 4
price stability, the
-0.269 / 4
Committee expects that a
0.079 / 4
highly accommodative stance of
-0.017 / 4
monetary policy will remain
0.038 / 2
appropriate for
0.016 / 2
a considerable
-0.024 / 4
time after the asset
0.136 / 2
purchase program
0.031
ends
0.226
and
-0.259 / 4
the economic recovery strengthens.
-0.169 / 4
In particular,
-0.217 / 4
the Committee decided to
-0.329 / 4
keep the target range
0.291 / 4
for the federal funds
0.304 / 4
rate at 0 to
0.008 / 3
1/4 percent
0.022
and
0.462 / 8
currently anticipates that this exceptionally low range for
0.349 / 4
the federal funds rate
0.305 / 4
will be appropriate at
-0.075 / 4
least as long as
-0.087 / 4
the unemployment rate remains
0.131 / 4
above 6-1/2
0.148 / 5
percent, inflation between one
-0.281
and
-0.308 / 4
two years ahead is
-0.135 / 8
projected to be no more than a half
0.048 / 4
percentage point above the
0.045 / 4
Committee’s 2 percent
-0.152 / 4
longer-run goal,
-0.141
and
-0.277 / 4
longer-term inflation expectations
-0.346 / 4
continue to be well
0.125 / 4
anchored. The Committee
0.169 / 4
views these thresholds as
0.01 / 8
consistent with its earlier date-based guidance.
0.075 / 4
In determining how long
0.048 / 4
to maintain a highly
0.032 / 4
accommodative stance of monetary
0.106 / 4
policy, the Committee
0.059 / 8
will also consider other information, including additional
0.066 / 11
measures of labor market conditions, indicators of inflation pressures and
0.108 / 4
inflation expectations, and
0.243 / 8
readings on financial developments. When the Committee
0.082 / 8
decides to begin to remove policy accommodation,
-0.0 / 8
it will take a balanced approach consistent with
-0.211 / 4
its longer-run goals
-0.129 / 4
of maximum employment and
-0.117 / 2
inflation of
-0.119 / 2
2 percent
inputs
-0.034 / 4
To support continued progress
0.33 / 4
toward maximum employment and
-0.153 / 4
price stability, the
-0.077 / 4
Committee expects that a
-0.024 / 4
highly accommodative stance of
-0.231 / 4
monetary policy will remain
-0.122 / 2
appropriate for
-0.13 / 2
a considerable
-0.267 / 4
time after the asset
0.025 / 2
purchase program
-0.041
ends
0.163
and
-0.111 / 4
the economic recovery strengthens.
-0.08 / 4
In particular,
-0.152 / 4
the Committee decided to
-0.401 / 4
keep the target range
0.331 / 4
for the federal funds
0.353 / 4
rate at 0 to
0.157 / 3
1/4 percent
0.163
and
0.575 / 8
currently anticipates that this exceptionally low range for
0.336 / 4
the federal funds rate
0.294 / 4
will be appropriate at
-0.07 / 4
least as long as
0.001 / 4
the unemployment rate remains
0.083 / 4
above 6-1/2
0.082 / 5
percent, inflation between one
-0.303
and
-0.315 / 4
two years ahead is
-0.247 / 8
projected to be no more than a half
0.341 / 4
percentage point above the
0.405 / 4
Committee’s 2 percent
-0.194 / 4
longer-run goal,
-0.184
and
-0.271 / 4
longer-term inflation expectations
-0.252 / 4
continue to be well
0.259 / 4
anchored. The Committee
0.255 / 4
views these thresholds as
-0.125 / 8
consistent with its earlier date-based guidance.
-0.266 / 4
In determining how long
-0.305 / 4
to maintain a highly
0.094 / 4
accommodative stance of monetary
0.228 / 4
policy, the Committee
-0.042 / 8
will also consider other information, including additional
-0.159 / 11
measures of labor market conditions, indicators of inflation pressures and
0.118 / 4
inflation expectations, and
0.307 / 8
readings on financial developments. When the Committee
0.113 / 8
decides to begin to remove policy accommodation,
-0.033 / 8
it will take a balanced approach consistent with
-0.262 / 4
its longer-run goals
-0.17 / 4
of maximum employment and
0.0 / 2
inflation of
0.009 / 2
2 percent
inputs
-0.034 / 4
To support continued progress
0.33 / 4
toward maximum employment and
-0.153 / 4
price stability, the
-0.077 / 4
Committee expects that a
-0.024 / 4
highly accommodative stance of
-0.231 / 4
monetary policy will remain
-0.122 / 2
appropriate for
-0.13 / 2
a considerable
-0.267 / 4
time after the asset
0.025 / 2
purchase program
-0.041
ends
0.163
and
-0.111 / 4
the economic recovery strengthens.
-0.08 / 4
In particular,
-0.152 / 4
the Committee decided to
-0.401 / 4
keep the target range
0.331 / 4
for the federal funds
0.353 / 4
rate at 0 to
0.157 / 3
1/4 percent
0.163
and
0.575 / 8
currently anticipates that this exceptionally low range for
0.336 / 4
the federal funds rate
0.294 / 4
will be appropriate at
-0.07 / 4
least as long as
0.001 / 4
the unemployment rate remains
0.083 / 4
above 6-1/2
0.082 / 5
percent, inflation between one
-0.303
and
-0.315 / 4
two years ahead is
-0.247 / 8
projected to be no more than a half
0.341 / 4
percentage point above the
0.405 / 4
Committee’s 2 percent
-0.194 / 4
longer-run goal,
-0.184
and
-0.271 / 4
longer-term inflation expectations
-0.252 / 4
continue to be well
0.259 / 4
anchored. The Committee
0.255 / 4
views these thresholds as
-0.125 / 8
consistent with its earlier date-based guidance.
-0.266 / 4
In determining how long
-0.305 / 4
to maintain a highly
0.094 / 4
accommodative stance of monetary
0.228 / 4
policy, the Committee
-0.042 / 8
will also consider other information, including additional
-0.159 / 11
measures of labor market conditions, indicators of inflation pressures and
0.118 / 4
inflation expectations, and
0.307 / 8
readings on financial developments. When the Committee
0.113 / 8
decides to begin to remove policy accommodation,
-0.033 / 8
it will take a balanced approach consistent with
-0.262 / 4
its longer-run goals
-0.17 / 4
of maximum employment and
0.0 / 2
inflation of
0.009 / 2
2 percent
inputs
0.249 / 4
To support continued progress
0.347 / 4
toward maximum employment and
-0.203 / 4
price stability, the
-0.253 / 4
Committee expects that a
0.054 / 4
highly accommodative stance of
0.148 / 4
monetary policy will remain
0.144 / 2
appropriate for
0.146 / 2
a considerable
0.093 / 4
time after the asset
-0.329 / 2
purchase program
-0.248
ends
-0.306
and
0.018 / 4
the economic recovery strengthens.
-0.022 / 4
In particular,
0.435 / 4
the Committee decided to
0.725 / 4
keep the target range
-0.282 / 4
for the federal funds
-0.29 / 4
rate at 0 to
-0.069 / 3
1/4 percent
-0.087
and
-0.259 / 8
currently anticipates that this exceptionally low range for
-0.291 / 4
the federal funds rate
-0.223 / 4
will be appropriate at
0.05 / 4
least as long as
-0.045 / 4
the unemployment rate remains
-0.24 / 4
above 6-1/2
-0.263 / 5
percent, inflation between one
0.174
and
0.191 / 4
two years ahead is
-0.037 / 8
projected to be no more than a half
-0.097 / 4
percentage point above the
-0.104 / 4
Committee’s 2 percent
0.43 / 4
longer-run goal,
0.425
and
-0.058 / 4
longer-term inflation expectations
-0.003 / 4
continue to be well
-0.119 / 4
anchored. The Committee
-0.01 / 4
views these thresholds as
0.037 / 8
consistent with its earlier date-based guidance.
0.028 / 4
In determining how long
0.078 / 4
to maintain a highly
-0.016 / 4
accommodative stance of monetary
-0.112 / 4
policy, the Committee
0.087 / 8
will also consider other information, including additional
-0.218 / 11
measures of labor market conditions, indicators of inflation pressures and
-0.21 / 4
inflation expectations, and
-0.349 / 8
readings on financial developments. When the Committee
0.016 / 8
decides to begin to remove policy accommodation,
-0.026 / 8
it will take a balanced approach consistent with
0.423 / 4
its longer-run goals
0.327 / 4
of maximum employment and
0.055 / 2
inflation of
0.088 / 2
2 percent
inputs
0.249 / 4
To support continued progress
0.347 / 4
toward maximum employment and
-0.203 / 4
price stability, the
-0.253 / 4
Committee expects that a
0.054 / 4
highly accommodative stance of
0.148 / 4
monetary policy will remain
0.144 / 2
appropriate for
0.146 / 2
a considerable
0.093 / 4
time after the asset
-0.329 / 2
purchase program
-0.248
ends
-0.306
and
0.018 / 4
the economic recovery strengthens.
-0.022 / 4
In particular,
0.435 / 4
the Committee decided to
0.725 / 4
keep the target range
-0.282 / 4
for the federal funds
-0.29 / 4
rate at 0 to
-0.069 / 3
1/4 percent
-0.087
and
-0.259 / 8
currently anticipates that this exceptionally low range for
-0.291 / 4
the federal funds rate
-0.223 / 4
will be appropriate at
0.05 / 4
least as long as
-0.045 / 4
the unemployment rate remains
-0.24 / 4
above 6-1/2
-0.263 / 5
percent, inflation between one
0.174
and
0.191 / 4
two years ahead is
-0.037 / 8
projected to be no more than a half
-0.097 / 4
percentage point above the
-0.104 / 4
Committee’s 2 percent
0.43 / 4
longer-run goal,
0.425
and
-0.058 / 4
longer-term inflation expectations
-0.003 / 4
continue to be well
-0.119 / 4
anchored. The Committee
-0.01 / 4
views these thresholds as
0.037 / 8
consistent with its earlier date-based guidance.
0.028 / 4
In determining how long
0.078 / 4
to maintain a highly
-0.016 / 4
accommodative stance of monetary
-0.112 / 4
policy, the Committee
0.087 / 8
will also consider other information, including additional
-0.218 / 11
measures of labor market conditions, indicators of inflation pressures and
-0.21 / 4
inflation expectations, and
-0.349 / 8
readings on financial developments. When the Committee
0.016 / 8
decides to begin to remove policy accommodation,
-0.026 / 8
it will take a balanced approach consistent with
0.423 / 4
its longer-run goals
0.327 / 4
of maximum employment and
0.055 / 2
inflation of
0.088 / 2
2 percent
inputs
0.11 / 4
To support continued progress
-0.227 / 4
toward maximum employment and
0.219 / 4
price stability, the
0.19 / 4
Committee expects that a
-0.351 / 4
highly accommodative stance of
-0.242 / 4
monetary policy will remain
-0.122 / 2
appropriate for
-0.092 / 2
a considerable
-0.163 / 4
time after the asset
0.121 / 2
purchase program
0.121
ends
0.086
and
0.304 / 4
the economic recovery strengthens.
0.187 / 4
In particular,
0.019 / 4
the Committee decided to
-0.278 / 4
keep the target range
0.12 / 4
for the federal funds
0.118 / 4
rate at 0 to
0.038 / 3
1/4 percent
0.039
and
0.366 / 8
currently anticipates that this exceptionally low range for
0.165 / 4
the federal funds rate
0.129 / 4
will be appropriate at
0.029 / 4
least as long as
0.104 / 4
the unemployment rate remains
0.004 / 4
above 6-1/2
0.005 / 5
percent, inflation between one
-0.152
and
-0.17 / 4
two years ahead is
-0.114 / 8
projected to be no more than a half
0.207 / 4
percentage point above the
0.206 / 4
Committee’s 2 percent
-0.139 / 4
longer-run goal,
-0.132
and
-0.091 / 4
longer-term inflation expectations
-0.036 / 4
continue to be well
0.072 / 4
anchored. The Committee
-0.016 / 4
views these thresholds as
-0.003 / 8
consistent with its earlier date-based guidance.
-0.212 / 4
In determining how long
-0.198 / 4
to maintain a highly
0.011 / 4
accommodative stance of monetary
0.102 / 4
policy, the Committee
-0.11 / 8
will also consider other information, including additional
0.079 / 11
measures of labor market conditions, indicators of inflation pressures and
-0.018 / 4
inflation expectations, and
0.066 / 8
readings on financial developments. When the Committee
0.03 / 8
decides to begin to remove policy accommodation,
-0.037 / 8
it will take a balanced approach consistent with
-0.251 / 4
its longer-run goals
-0.255 / 4
of maximum employment and
0.079 / 2
inflation of
0.082 / 2
2 percent
inputs
0.11 / 4
To support continued progress
-0.227 / 4
toward maximum employment and
0.219 / 4
price stability, the
0.19 / 4
Committee expects that a
-0.351 / 4
highly accommodative stance of
-0.242 / 4
monetary policy will remain
-0.122 / 2
appropriate for
-0.092 / 2
a considerable
-0.163 / 4
time after the asset
0.121 / 2
purchase program
0.121
ends
0.086
and
0.304 / 4
the economic recovery strengthens.
0.187 / 4
In particular,
0.019 / 4
the Committee decided to
-0.278 / 4
keep the target range
0.12 / 4
for the federal funds
0.118 / 4
rate at 0 to
0.038 / 3
1/4 percent
0.039
and
0.366 / 8
currently anticipates that this exceptionally low range for
0.165 / 4
the federal funds rate
0.129 / 4
will be appropriate at
0.029 / 4
least as long as
0.104 / 4
the unemployment rate remains
0.004 / 4
above 6-1/2
0.005 / 5
percent, inflation between one
-0.152
and
-0.17 / 4
two years ahead is
-0.114 / 8
projected to be no more than a half
0.207 / 4
percentage point above the
0.206 / 4
Committee’s 2 percent
-0.139 / 4
longer-run goal,
-0.132
and
-0.091 / 4
longer-term inflation expectations
-0.036 / 4
continue to be well
0.072 / 4
anchored. The Committee
-0.016 / 4
views these thresholds as
-0.003 / 8
consistent with its earlier date-based guidance.
-0.212 / 4
In determining how long
-0.198 / 4
to maintain a highly
0.011 / 4
accommodative stance of monetary
0.102 / 4
policy, the Committee
-0.11 / 8
will also consider other information, including additional
0.079 / 11
measures of labor market conditions, indicators of inflation pressures and
-0.018 / 4
inflation expectations, and
0.066 / 8
readings on financial developments. When the Committee
0.03 / 8
decides to begin to remove policy accommodation,
-0.037 / 8
it will take a balanced approach consistent with
-0.251 / 4
its longer-run goals
-0.255 / 4
of maximum employment and
0.079 / 2
inflation of
0.082 / 2
2 percent
inputs
-0.346 / 4
To support continued progress
-0.173 / 4
toward maximum employment and
0.059 / 4
price stability, the
0.116 / 4
Committee expects that a
0.577 / 4
highly accommodative stance of
0.671 / 4
monetary policy will remain
-0.056 / 2
appropriate for
-0.066 / 2
a considerable
-0.142 / 4
time after the asset
-0.113 / 2
purchase program
-0.132
ends
0.033
and
-0.0 / 4
the economic recovery strengthens.
0.005 / 4
In particular,
0.136 / 4
the Committee decided to
-0.083 / 4
keep the target range
0.242 / 4
for the federal funds
0.241 / 4
rate at 0 to
0.048 / 3
1/4 percent
0.052
and
0.101 / 8
currently anticipates that this exceptionally low range for
0.293 / 4
the federal funds rate
0.266 / 4
will be appropriate at
-0.134 / 4
least as long as
-0.112 / 4
the unemployment rate remains
-0.238 / 4
above 6-1/2
-0.246 / 5
percent, inflation between one
-0.189
and
-0.203 / 4
two years ahead is
-0.087 / 8
projected to be no more than a half
0.056 / 4
percentage point above the
0.06 / 4
Committee’s 2 percent
-0.117 / 4
longer-run goal,
-0.111
and
-0.393 / 4
longer-term inflation expectations
-0.34 / 4
continue to be well
0.046 / 4
anchored. The Committee
0.007 / 4
views these thresholds as
0.122 / 8
consistent with its earlier date-based guidance.
-0.087 / 4
In determining how long
-0.087 / 4
to maintain a highly
0.235 / 4
accommodative stance of monetary
0.32 / 4
policy, the Committee
0.139 / 8
will also consider other information, including additional
0.008 / 11
measures of labor market conditions, indicators of inflation pressures and
0.043 / 4
inflation expectations, and
0.177 / 8
readings on financial developments. When the Committee
0.171 / 8
decides to begin to remove policy accommodation,
0.129 / 8
it will take a balanced approach consistent with
-0.193 / 4
its longer-run goals
-0.174 / 4
of maximum employment and
-0.267 / 2
inflation of
-0.267 / 2
2 percent
inputs
-0.346 / 4
To support continued progress
-0.173 / 4
toward maximum employment and
0.059 / 4
price stability, the
0.116 / 4
Committee expects that a
0.577 / 4
highly accommodative stance of
0.671 / 4
monetary policy will remain
-0.056 / 2
appropriate for
-0.066 / 2
a considerable
-0.142 / 4
time after the asset
-0.113 / 2
purchase program
-0.132
ends
0.033
and
-0.0 / 4
the economic recovery strengthens.
0.005 / 4
In particular,
0.136 / 4
the Committee decided to
-0.083 / 4
keep the target range
0.242 / 4
for the federal funds
0.241 / 4
rate at 0 to
0.048 / 3
1/4 percent
0.052
and
0.101 / 8
currently anticipates that this exceptionally low range for
0.293 / 4
the federal funds rate
0.266 / 4
will be appropriate at
-0.134 / 4
least as long as
-0.112 / 4
the unemployment rate remains
-0.238 / 4
above 6-1/2
-0.246 / 5
percent, inflation between one
-0.189
and
-0.203 / 4
two years ahead is
-0.087 / 8
projected to be no more than a half
0.056 / 4
percentage point above the
0.06 / 4
Committee’s 2 percent
-0.117 / 4
longer-run goal,
-0.111
and
-0.393 / 4
longer-term inflation expectations
-0.34 / 4
continue to be well
0.046 / 4
anchored. The Committee
0.007 / 4
views these thresholds as
0.122 / 8
consistent with its earlier date-based guidance.
-0.087 / 4
In determining how long
-0.087 / 4
to maintain a highly
0.235 / 4
accommodative stance of monetary
0.32 / 4
policy, the Committee
0.139 / 8
will also consider other information, including additional
0.008 / 11
measures of labor market conditions, indicators of inflation pressures and
0.043 / 4
inflation expectations, and
0.177 / 8
readings on financial developments. When the Committee
0.171 / 8
decides to begin to remove policy accommodation,
0.129 / 8
it will take a balanced approach consistent with
-0.193 / 4
its longer-run goals
-0.174 / 4
of maximum employment and
-0.267 / 2
inflation of
-0.267 / 2
2 percent
[1]
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years
inputs
-0.222 / 2
In response
-0.256 / 2
to the
0.222 / 2
reemergence of
0.207 / 2
strains in
0.127 / 2
U.S.
0.11 / 2
dollar
-0.085 / 2
short-term
-0.062 / 2
funding markets
-0.088 / 2
in Europe,
-0.079 / 2
the
-0.068 / 4
Bank of Canada,
0.023 / 4
the Bank of England,
0.021 / 4
the European Central
-0.179 / 4
Bank, the Federal
-0.197 / 3
Reserve, and
0.042 / 2
the Swiss
0.158 / 2
National Bank
0.28 / 2
are announcing
0.334 / 2
the reestablishment
-0.055 / 2
of temporary
0.139 / 2
U.S.
-0.453 / 4
dollar liquidity swap
-0.384 / 4
facilities. These facilities
0.041 / 2
are designed
0.033 / 2
to help
-0.488 / 2
improve liquidity
-0.243 / 2
conditions in
0.123 / 7
U.S. dollar funding markets and
0.009
to
-0.008
prevent
-0.172 / 2
the spread
0.173 / 2
of strains
0.203 / 2
to other
0.283
markets
-0.134
and
-0.063 / 4
financial centers. The
0.284 / 2
Bank of
0.688 / 2
Japan will
0.108 / 2
be considering
0.103 / 2
similar measures
-0.107 / 2
soon.
-0.083 / 2
Central banks
-0.415 / 2
will continue
-0.145 / 2
to work
0.09 / 2
together closely
0.049 / 2
as needed
-0.036 / 2
to address
-0.05 / 2
pressures in
0.221 / 2
funding markets
inputs
-0.222 / 2
In response
-0.256 / 2
to the
0.222 / 2
reemergence of
0.207 / 2
strains in
0.127 / 2
U.S.
0.11 / 2
dollar
-0.085 / 2
short-term
-0.062 / 2
funding markets
-0.088 / 2
in Europe,
-0.079 / 2
the
-0.068 / 4
Bank of Canada,
0.023 / 4
the Bank of England,
0.021 / 4
the European Central
-0.179 / 4
Bank, the Federal
-0.197 / 3
Reserve, and
0.042 / 2
the Swiss
0.158 / 2
National Bank
0.28 / 2
are announcing
0.334 / 2
the reestablishment
-0.055 / 2
of temporary
0.139 / 2
U.S.
-0.453 / 4
dollar liquidity swap
-0.384 / 4
facilities. These facilities
0.041 / 2
are designed
0.033 / 2
to help
-0.488 / 2
improve liquidity
-0.243 / 2
conditions in
0.123 / 7
U.S. dollar funding markets and
0.009
to
-0.008
prevent
-0.172 / 2
the spread
0.173 / 2
of strains
0.203 / 2
to other
0.283
markets
-0.134
and
-0.063 / 4
financial centers. The
0.284 / 2
Bank of
0.688 / 2
Japan will
0.108 / 2
be considering
0.103 / 2
similar measures
-0.107 / 2
soon.
-0.083 / 2
Central banks
-0.415 / 2
will continue
-0.145 / 2
to work
0.09 / 2
together closely
0.049 / 2
as needed
-0.036 / 2
to address
-0.05 / 2
pressures in
0.221 / 2
funding markets
inputs
-0.102 / 2
In response
-0.14 / 2
to the
0.21 / 2
reemergence of
0.248 / 2
strains in
0.059 / 2
U.S.
0.029 / 2
dollar
-0.111 / 2
short-term
-0.103 / 2
funding markets
-0.032 / 2
in Europe,
-0.028 / 2
the
0.045 / 4
Bank of Canada,
0.099 / 4
the Bank of England,
0.113 / 4
the European Central
-0.084 / 4
Bank, the Federal
-0.107 / 3
Reserve, and
0.065 / 2
the Swiss
0.139 / 2
National Bank
0.025 / 2
are announcing
0.141 / 2
the reestablishment
-0.023 / 2
of temporary
0.149 / 2
U.S.
-0.781 / 4
dollar liquidity swap
-0.089 / 4
facilities. These facilities
0.072 / 2
are designed
0.062 / 2
to help
-0.547 / 2
improve liquidity
-0.273 / 2
conditions in
-0.038 / 7
U.S. dollar funding markets and
-0.025
to
-0.044
prevent
-0.028 / 2
the spread
0.257 / 2
of strains
0.177 / 2
to other
0.273
markets
-0.11
and
-0.004 / 4
financial centers. The
0.177 / 2
Bank of
0.308 / 2
Japan will
0.231 / 2
be considering
0.224 / 2
similar measures
-0.022 / 2
soon.
0.025 / 2
Central banks
-0.511 / 2
will continue
-0.184 / 2
to work
0.099 / 2
together closely
0.052 / 2
as needed
-0.021 / 2
to address
-0.052 / 2
pressures in
0.177 / 2
funding markets
inputs
-0.102 / 2
In response
-0.14 / 2
to the
0.21 / 2
reemergence of
0.248 / 2
strains in
0.059 / 2
U.S.
0.029 / 2
dollar
-0.111 / 2
short-term
-0.103 / 2
funding markets
-0.032 / 2
in Europe,
-0.028 / 2
the
0.045 / 4
Bank of Canada,
0.099 / 4
the Bank of England,
0.113 / 4
the European Central
-0.084 / 4
Bank, the Federal
-0.107 / 3
Reserve, and
0.065 / 2
the Swiss
0.139 / 2
National Bank
0.025 / 2
are announcing
0.141 / 2
the reestablishment
-0.023 / 2
of temporary
0.149 / 2
U.S.
-0.781 / 4
dollar liquidity swap
-0.089 / 4
facilities. These facilities
0.072 / 2
are designed
0.062 / 2
to help
-0.547 / 2
improve liquidity
-0.273 / 2
conditions in
-0.038 / 7
U.S. dollar funding markets and
-0.025
to
-0.044
prevent
-0.028 / 2
the spread
0.257 / 2
of strains
0.177 / 2
to other
0.273
markets
-0.11
and
-0.004 / 4
financial centers. The
0.177 / 2
Bank of
0.308 / 2
Japan will
0.231 / 2
be considering
0.224 / 2
similar measures
-0.022 / 2
soon.
0.025 / 2
Central banks
-0.511 / 2
will continue
-0.184 / 2
to work
0.099 / 2
together closely
0.052 / 2
as needed
-0.021 / 2
to address
-0.052 / 2
pressures in
0.177 / 2
funding markets
inputs
-0.314 / 2
In response
-0.344 / 2
to the
0.477 / 2
reemergence of
0.485 / 2
strains in
0.04 / 2
U.S.
0.03 / 2
dollar
-0.152 / 2
short-term
-0.137 / 2
funding markets
-0.078 / 2
in Europe,
-0.063 / 2
the
-0.085 / 4
Bank of Canada,
-0.052 / 4
the Bank of England,
-0.059 / 4
the European Central
-0.287 / 4
Bank, the Federal
-0.308 / 3
Reserve, and
0.013 / 2
the Swiss
0.089 / 2
National Bank
0.474 / 2
are announcing
0.507 / 2
the reestablishment
-0.159 / 2
of temporary
0.0 / 2
U.S.
-0.292 / 4
dollar liquidity swap
-0.383 / 4
facilities. These facilities
-0.008 / 2
are designed
-0.015 / 2
to help
-0.362 / 2
improve liquidity
-0.164 / 2
conditions in
0.147 / 7
U.S. dollar funding markets and
-0.02
to
-0.064
prevent
-0.08 / 2
the spread
0.358 / 2
of strains
0.143 / 2
to other
0.141
markets
-0.151
and
-0.097 / 4
financial centers. The
0.361 / 2
Bank of
0.771 / 2
Japan will
0.047 / 2
be considering
0.037 / 2
similar measures
-0.131 / 2
soon.
-0.185 / 2
Central banks
-0.383 / 2
will continue
-0.146 / 2
to work
0.116 / 2
together closely
0.052 / 2
as needed
0.007 / 2
to address
0.01 / 2
pressures in
0.213 / 2
funding markets
inputs
-0.314 / 2
In response
-0.344 / 2
to the
0.477 / 2
reemergence of
0.485 / 2
strains in
0.04 / 2
U.S.
0.03 / 2
dollar
-0.152 / 2
short-term
-0.137 / 2
funding markets
-0.078 / 2
in Europe,
-0.063 / 2
the
-0.085 / 4
Bank of Canada,
-0.052 / 4
the Bank of England,
-0.059 / 4
the European Central
-0.287 / 4
Bank, the Federal
-0.308 / 3
Reserve, and
0.013 / 2
the Swiss
0.089 / 2
National Bank
0.474 / 2
are announcing
0.507 / 2
the reestablishment
-0.159 / 2
of temporary
0.0 / 2
U.S.
-0.292 / 4
dollar liquidity swap
-0.383 / 4
facilities. These facilities
-0.008 / 2
are designed
-0.015 / 2
to help
-0.362 / 2
improve liquidity
-0.164 / 2
conditions in
0.147 / 7
U.S. dollar funding markets and
-0.02
to
-0.064
prevent
-0.08 / 2
the spread
0.358 / 2
of strains
0.143 / 2
to other
0.141
markets
-0.151
and
-0.097 / 4
financial centers. The
0.361 / 2
Bank of
0.771 / 2
Japan will
0.047 / 2
be considering
0.037 / 2
similar measures
-0.131 / 2
soon.
-0.185 / 2
Central banks
-0.383 / 2
will continue
-0.146 / 2
to work
0.116 / 2
together closely
0.052 / 2
as needed
0.007 / 2
to address
0.01 / 2
pressures in
0.213 / 2
funding markets
inputs
0.028 / 2
In response
0.042 / 2
to the
-0.21 / 2
reemergence of
-0.199 / 2
strains in
-0.011 / 2
U.S.
0.014 / 2
dollar
0.217 / 2
short-term
0.222 / 2
funding markets
0.038 / 2
in Europe,
0.028 / 2
the
0.013 / 4
Bank of Canada,
-0.087 / 4
the Bank of England,
-0.093 / 4
the European Central
0.102 / 4
Bank, the Federal
0.135 / 3
Reserve, and
-0.033 / 2
the Swiss
-0.161 / 2
National Bank
-0.099 / 2
are announcing
-0.238 / 2
the reestablishment
-0.103 / 2
of temporary
-0.252 / 2
U.S.
0.554 / 4
dollar liquidity swap
0.166 / 4
facilities. These facilities
-0.005 / 2
are designed
-0.007 / 2
to help
0.591 / 2
improve liquidity
0.347 / 2
conditions in
0.0 / 7
U.S. dollar funding markets and
-0.07
to
-0.056
prevent
-0.149 / 2
the spread
-0.199 / 2
of strains
-0.052 / 2
to other
-0.141
markets
0.102
and
0.08 / 4
financial centers. The
-0.287 / 2
Bank of
-0.633 / 2
Japan will
0.012 / 2
be considering
0.004 / 2
similar measures
0.043 / 2
soon.
-0.001 / 2
Central banks
0.173 / 2
will continue
0.055 / 2
to work
-0.187 / 2
together closely
-0.155 / 2
as needed
0.138 / 2
to address
0.146 / 2
pressures in
0.176 / 2
funding markets
inputs
0.028 / 2
In response
0.042 / 2
to the
-0.21 / 2
reemergence of
-0.199 / 2
strains in
-0.011 / 2
U.S.
0.014 / 2
dollar
0.217 / 2
short-term
0.222 / 2
funding markets
0.038 / 2
in Europe,
0.028 / 2
the
0.013 / 4
Bank of Canada,
-0.087 / 4
the Bank of England,
-0.093 / 4
the European Central
0.102 / 4
Bank, the Federal
0.135 / 3
Reserve, and
-0.033 / 2
the Swiss
-0.161 / 2
National Bank
-0.099 / 2
are announcing
-0.238 / 2
the reestablishment
-0.103 / 2
of temporary
-0.252 / 2
U.S.
0.554 / 4
dollar liquidity swap
0.166 / 4
facilities. These facilities
-0.005 / 2
are designed
-0.007 / 2
to help
0.591 / 2
improve liquidity
0.347 / 2
conditions in
0.0 / 7
U.S. dollar funding markets and
-0.07
to
-0.056
prevent
-0.149 / 2
the spread
-0.199 / 2
of strains
-0.052 / 2
to other
-0.141
markets
0.102
and
0.08 / 4
financial centers. The
-0.287 / 2
Bank of
-0.633 / 2
Japan will
0.012 / 2
be considering
0.004 / 2
similar measures
0.043 / 2
soon.
-0.001 / 2
Central banks
0.173 / 2
will continue
0.055 / 2
to work
-0.187 / 2
together closely
-0.155 / 2
as needed
0.138 / 2
to address
0.146 / 2
pressures in
0.176 / 2
funding markets
inputs
-0.025 / 2
In response
-0.028 / 2
to the
0.724 / 2
reemergence of
0.867 / 2
strains in
-0.095 / 2
U.S.
-0.094 / 2
dollar
-0.147 / 2
short-term
-0.164 / 2
funding markets
-0.113 / 2
in Europe,
-0.07 / 2
the
0.055 / 4
Bank of Canada,
-0.051 / 4
the Bank of England,
-0.09 / 4
the European Central
-0.239 / 4
Bank, the Federal
-0.222 / 3
Reserve, and
0.296 / 2
the Swiss
0.376 / 2
National Bank
0.152 / 2
are announcing
0.411 / 2
the reestablishment
-0.363 / 2
of temporary
-0.276 / 2
U.S.
-0.061 / 4
dollar liquidity swap
0.266 / 4
facilities. These facilities
-0.144 / 2
are designed
-0.124 / 2
to help
0.126 / 2
improve liquidity
-0.051 / 2
conditions in
0.083 / 7
U.S. dollar funding markets and
-0.215
to
-0.307
prevent
-0.012 / 2
the spread
0.539 / 2
of strains
0.057 / 2
to other
0.029
markets
-0.165
and
-0.139 / 4
financial centers. The
0.241 / 2
Bank of
0.065 / 2
Japan will
-0.016 / 2
be considering
-0.025 / 2
similar measures
-0.112 / 2
soon.
-0.274 / 2
Central banks
-0.134 / 2
will continue
-0.171 / 2
to work
-0.072 / 2
together closely
0.014 / 2
as needed
-0.091 / 2
to address
-0.036 / 2
pressures in
-0.177 / 2
funding markets
inputs
-0.025 / 2
In response
-0.028 / 2
to the
0.724 / 2
reemergence of
0.867 / 2
strains in
-0.095 / 2
U.S.
-0.094 / 2
dollar
-0.147 / 2
short-term
-0.164 / 2
funding markets
-0.113 / 2
in Europe,
-0.07 / 2
the
0.055 / 4
Bank of Canada,
-0.051 / 4
the Bank of England,
-0.09 / 4
the European Central
-0.239 / 4
Bank, the Federal
-0.222 / 3
Reserve, and
0.296 / 2
the Swiss
0.376 / 2
National Bank
0.152 / 2
are announcing
0.411 / 2
the reestablishment
-0.363 / 2
of temporary
-0.276 / 2
U.S.
-0.061 / 4
dollar liquidity swap
0.266 / 4
facilities. These facilities
-0.144 / 2
are designed
-0.124 / 2
to help
0.126 / 2
improve liquidity
-0.051 / 2
conditions in
0.083 / 7
U.S. dollar funding markets and
-0.215
to
-0.307
prevent
-0.012 / 2
the spread
0.539 / 2
of strains
0.057 / 2
to other
0.029
markets
-0.165
and
-0.139 / 4
financial centers. The
0.241 / 2
Bank of
0.065 / 2
Japan will
-0.016 / 2
be considering
-0.025 / 2
similar measures
-0.112 / 2
soon.
-0.274 / 2
Central banks
-0.134 / 2
will continue
-0.171 / 2
to work
-0.072 / 2
together closely
0.014 / 2
as needed
-0.091 / 2
to address
-0.036 / 2
pressures in
-0.177 / 2
funding markets
inputs
-0.066 / 2
In response
-0.091 / 2
to the
0.154 / 2
reemergence of
0.129 / 2
strains in
0.022 / 2
U.S.
-0.015 / 2
dollar
-0.224 / 2
short-term
-0.223 / 2
funding markets
-0.075 / 2
in Europe,
-0.044 / 2
the
0.047 / 4
Bank of Canada,
0.041 / 4
the Bank of England,
0.04 / 4
the European Central
-0.204 / 4
Bank, the Federal
-0.262 / 3
Reserve, and
0.204 / 2
the Swiss
0.29 / 2
National Bank
-0.082 / 2
are announcing
0.048 / 2
the reestablishment
0.044 / 2
of temporary
0.198 / 2
U.S.
-0.345 / 4
dollar liquidity swap
-0.274 / 4
facilities. These facilities
0.096 / 2
are designed
0.097 / 2
to help
-0.391 / 2
improve liquidity
-0.256 / 2
conditions in
0.143 / 7
U.S. dollar funding markets and
0.086
to
0.034
prevent
0.189 / 2
the spread
0.135 / 2
of strains
-0.06 / 2
to other
-0.012
markets
-0.063
and
-0.029 / 4
financial centers. The
0.452 / 2
Bank of
0.767 / 2
Japan will
0.009 / 2
be considering
0.021 / 2
similar measures
0.023 / 2
soon.
0.124 / 2
Central banks
-0.417 / 2
will continue
-0.232 / 2
to work
0.205 / 2
together closely
0.124 / 2
as needed
-0.093 / 2
to address
-0.089 / 2
pressures in
-0.174 / 2
funding markets
inputs
-0.066 / 2
In response
-0.091 / 2
to the
0.154 / 2
reemergence of
0.129 / 2
strains in
0.022 / 2
U.S.
-0.015 / 2
dollar
-0.224 / 2
short-term
-0.223 / 2
funding markets
-0.075 / 2
in Europe,
-0.044 / 2
the
0.047 / 4
Bank of Canada,
0.041 / 4
the Bank of England,
0.04 / 4
the European Central
-0.204 / 4
Bank, the Federal
-0.262 / 3
Reserve, and
0.204 / 2
the Swiss
0.29 / 2
National Bank
-0.082 / 2
are announcing
0.048 / 2
the reestablishment
0.044 / 2
of temporary
0.198 / 2
U.S.
-0.345 / 4
dollar liquidity swap
-0.274 / 4
facilities. These facilities
0.096 / 2
are designed
0.097 / 2
to help
-0.391 / 2
improve liquidity
-0.256 / 2
conditions in
0.143 / 7
U.S. dollar funding markets and
0.086
to
0.034
prevent
0.189 / 2
the spread
0.135 / 2
of strains
-0.06 / 2
to other
-0.012
markets
-0.063
and
-0.029 / 4
financial centers. The
0.452 / 2
Bank of
0.767 / 2
Japan will
0.009 / 2
be considering
0.021 / 2
similar measures
0.023 / 2
soon.
0.124 / 2
Central banks
-0.417 / 2
will continue
-0.232 / 2
to work
0.205 / 2
together closely
0.124 / 2
as needed
-0.093 / 2
to address
-0.089 / 2
pressures in
-0.174 / 2
funding markets
[2]
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years
inputs
-0.096 / 2
Consistent with
0.103
its
0.195
statutory
0.237
mandate,
0.097
-0.074
the
-0.027
Committee
0.143 / 2
seeks to
0.138 / 2
foster maximum
0.096
employment
-0.179
and
-0.21 / 2
price stability.
-0.144 / 2
In
-0.069 / 2
support of
-0.25
these
-0.442
goals,
-0.108 / 2
the
0.106
Committee
0.041
decided
-0.211
to
-0.282
maintain
-0.024
the
-0.039
target
-0.033 / 2
range for
0.032 / 2
the federal
1.111 / 4
funds rate at 2-
0.542 / 4
1/4 to 2-
0.168 / 4
1/2 percent.
0.132 / 4
The Committee continues to
0.014 / 4
view sustained expansion of
0.013 / 4
economic activity, strong
-0.137 / 5
labor market conditions, and
-0.221 / 8
inflation near the Committee's symmetric 2 percent
-0.278 / 4
objective as the most
-0.307 / 4
likely outcomes. In
0.083 / 2
light of
0.182 / 2
global economic
0.062 / 4
and financial developments and
-0.194 / 2
muted inflation
-0.192 / 2
pressures,
0.105 / 2
the Committee
0.098 / 2
will be
-0.019 / 4
patient as it determines
-0.122 / 4
what future adjustments to
-0.046 / 2
the target
-0.044 / 2
range for
0.24 / 2
the federal
0.307 / 2
funds rate
0.015 / 4
may be appropriate to
-0.238 / 2
support these
-0.275
outcomes
inputs
-0.096 / 2
Consistent with
0.103
its
0.195
statutory
0.237
mandate,
0.097
-0.074
the
-0.027
Committee
0.143 / 2
seeks to
0.138 / 2
foster maximum
0.096
employment
-0.179
and
-0.21 / 2
price stability.
-0.144 / 2
In
-0.069 / 2
support of
-0.25
these
-0.442
goals,
-0.108 / 2
the
0.106
Committee
0.041
decided
-0.211
to
-0.282
maintain
-0.024
the
-0.039
target
-0.033 / 2
range for
0.032 / 2
the federal
1.111 / 4
funds rate at 2-
0.542 / 4
1/4 to 2-
0.168 / 4
1/2 percent.
0.132 / 4
The Committee continues to
0.014 / 4
view sustained expansion of
0.013 / 4
economic activity, strong
-0.137 / 5
labor market conditions, and
-0.221 / 8
inflation near the Committee's symmetric 2 percent
-0.278 / 4
objective as the most
-0.307 / 4
likely outcomes. In
0.083 / 2
light of
0.182 / 2
global economic
0.062 / 4
and financial developments and
-0.194 / 2
muted inflation
-0.192 / 2
pressures,
0.105 / 2
the Committee
0.098 / 2
will be
-0.019 / 4
patient as it determines
-0.122 / 4
what future adjustments to
-0.046 / 2
the target
-0.044 / 2
range for
0.24 / 2
the federal
0.307 / 2
funds rate
0.015 / 4
may be appropriate to
-0.238 / 2
support these
-0.275
outcomes
inputs
-0.189 / 2
Consistent with
0.065
its
0.153
statutory
0.242
mandate,
0.076
-0.11
the
-0.072
Committee
0.325 / 2
seeks to
0.201 / 2
foster maximum
0.167
employment
-0.189
and
-0.243 / 2
price stability.
-0.179 / 2
In
0.07 / 2
support of
-0.204
these
-0.404
goals,
-0.18 / 2
the
0.015
Committee
-0.054
decided
-0.259
to
-0.354
maintain
-0.013
the
-0.023
target
0.117 / 2
range for
0.042 / 2
the federal
1.17 / 4
funds rate at 2-
0.608 / 4
1/4 to 2-
0.031 / 4
1/2 percent.
-0.027 / 4
The Committee continues to
0.091 / 4
view sustained expansion of
0.089 / 4
economic activity, strong
-0.127 / 5
labor market conditions, and
-0.313 / 8
inflation near the Committee's symmetric 2 percent
-0.315 / 4
objective as the most
-0.338 / 4
likely outcomes. In
0.118 / 2
light of
0.289 / 2
global economic
0.127 / 4
and financial developments and
-0.074 / 2
muted inflation
-0.074 / 2
pressures,
0.078 / 2
the Committee
0.065 / 2
will be
-0.233 / 4
patient as it determines
-0.194 / 4
what future adjustments to
0.009 / 2
the target
0.011 / 2
range for
0.192 / 2
the federal
0.255 / 2
funds rate
0.063 / 4
may be appropriate to
-0.23 / 2
support these
-0.272
outcomes
inputs
-0.189 / 2
Consistent with
0.065
its
0.153
statutory
0.242
mandate,
0.076
-0.11
the
-0.072
Committee
0.325 / 2
seeks to
0.201 / 2
foster maximum
0.167
employment
-0.189
and
-0.243 / 2
price stability.
-0.179 / 2
In
0.07 / 2
support of
-0.204
these
-0.404
goals,
-0.18 / 2
the
0.015
Committee
-0.054
decided
-0.259
to
-0.354
maintain
-0.013
the
-0.023
target
0.117 / 2
range for
0.042 / 2
the federal
1.17 / 4
funds rate at 2-
0.608 / 4
1/4 to 2-
0.031 / 4
1/2 percent.
-0.027 / 4
The Committee continues to
0.091 / 4
view sustained expansion of
0.089 / 4
economic activity, strong
-0.127 / 5
labor market conditions, and
-0.313 / 8
inflation near the Committee's symmetric 2 percent
-0.315 / 4
objective as the most
-0.338 / 4
likely outcomes. In
0.118 / 2
light of
0.289 / 2
global economic
0.127 / 4
and financial developments and
-0.074 / 2
muted inflation
-0.074 / 2
pressures,
0.078 / 2
the Committee
0.065 / 2
will be
-0.233 / 4
patient as it determines
-0.194 / 4
what future adjustments to
0.009 / 2
the target
0.011 / 2
range for
0.192 / 2
the federal
0.255 / 2
funds rate
0.063 / 4
may be appropriate to
-0.23 / 2
support these
-0.272
outcomes
inputs
-0.248 / 2
Consistent with
0.051
its
0.155
statutory
0.262
mandate,
0.146
0.117
the
0.262
Committee
0.066 / 2
seeks to
0.152 / 2
foster maximum
0.082
employment
-0.166
and
-0.278 / 2
price stability.
-0.186 / 2
In
-0.042 / 2
support of
-0.249
these
-0.486
goals,
0.011 / 2
the
0.214
Committee
0.144
decided
-0.258
to
-0.295
maintain
-0.086
the
-0.102
target
-0.161 / 2
range for
-0.105 / 2
the federal
0.743 / 4
funds rate at 2-
0.31 / 4
1/4 to 2-
0.349 / 4
1/2 percent.
0.355 / 4
The Committee continues to
-0.007 / 4
view sustained expansion of
-0.005 / 4
economic activity, strong
-0.114 / 5
labor market conditions, and
-0.098 / 8
inflation near the Committee's symmetric 2 percent
-0.269 / 4
objective as the most
-0.3 / 4
likely outcomes. In
0.092 / 2
light of
0.137 / 2
global economic
0.067 / 4
and financial developments and
-0.129 / 2
muted inflation
-0.128 / 2
pressures,
0.266 / 2
the Committee
0.259 / 2
will be
-0.193 / 4
patient as it determines
-0.161 / 4
what future adjustments to
-0.093 / 2
the target
-0.085 / 2
range for
0.175 / 2
the federal
0.237 / 2
funds rate
0.027 / 4
may be appropriate to
-0.199 / 2
support these
-0.236
outcomes
inputs
-0.248 / 2
Consistent with
0.051
its
0.155
statutory
0.262
mandate,
0.146
0.117
the
0.262
Committee
0.066 / 2
seeks to
0.152 / 2
foster maximum
0.082
employment
-0.166
and
-0.278 / 2
price stability.
-0.186 / 2
In
-0.042 / 2
support of
-0.249
these
-0.486
goals,
0.011 / 2
the
0.214
Committee
0.144
decided
-0.258
to
-0.295
maintain
-0.086
the
-0.102
target
-0.161 / 2
range for
-0.105 / 2
the federal
0.743 / 4
funds rate at 2-
0.31 / 4
1/4 to 2-
0.349 / 4
1/2 percent.
0.355 / 4
The Committee continues to
-0.007 / 4
view sustained expansion of
-0.005 / 4
economic activity, strong
-0.114 / 5
labor market conditions, and
-0.098 / 8
inflation near the Committee's symmetric 2 percent
-0.269 / 4
objective as the most
-0.3 / 4
likely outcomes. In
0.092 / 2
light of
0.137 / 2
global economic
0.067 / 4
and financial developments and
-0.129 / 2
muted inflation
-0.128 / 2
pressures,
0.266 / 2
the Committee
0.259 / 2
will be
-0.193 / 4
patient as it determines
-0.161 / 4
what future adjustments to
-0.093 / 2
the target
-0.085 / 2
range for
0.175 / 2
the federal
0.237 / 2
funds rate
0.027 / 4
may be appropriate to
-0.199 / 2
support these
-0.236
outcomes
inputs
0.131 / 2
Consistent with
-0.051
its
-0.151
statutory
-0.348
mandate,
-0.196
-0.083
the
-0.213
Committee
0.18 / 2
seeks to
0.072 / 2
foster maximum
0.06
employment
0.03
and
0.08 / 2
price stability.
0.025 / 2
In
-0.179 / 2
support of
0.148
these
0.42
goals,
-0.024 / 2
the
-0.242
Committee
-0.189
decided
0.083
to
0.095
maintain
0.239
the
0.262
target
0.559 / 2
range for
0.292 / 2
the federal
-0.31 / 4
funds rate at 2-
-0.089 / 4
1/4 to 2-
-0.19 / 4
1/2 percent.
-0.256 / 4
The Committee continues to
-0.158 / 4
view sustained expansion of
-0.165 / 4
economic activity, strong
0.014 / 5
labor market conditions, and
-0.019 / 8
inflation near the Committee's symmetric 2 percent
0.06 / 4
objective as the most
0.058 / 4
likely outcomes. In
-0.156 / 2
light of
-0.265 / 2
global economic
0.042 / 4
and financial developments and
-0.102 / 2
muted inflation
-0.099 / 2
pressures,
-0.307 / 2
the Committee
-0.301 / 2
will be
0.024 / 4
patient as it determines
0.334 / 4
what future adjustments to
0.31 / 2
the target
0.306 / 2
range for
0.076 / 2
the federal
0.041 / 2
funds rate
0.015 / 4
may be appropriate to
0.041 / 2
support these
0.095
outcomes
inputs
0.131 / 2
Consistent with
-0.051
its
-0.151
statutory
-0.348
mandate,
-0.196
-0.083
the
-0.213
Committee
0.18 / 2
seeks to
0.072 / 2
foster maximum
0.06
employment
0.03
and
0.08 / 2
price stability.
0.025 / 2
In
-0.179 / 2
support of
0.148
these
0.42
goals,
-0.024 / 2
the
-0.242
Committee
-0.189
decided
0.083
to
0.095
maintain
0.239
the
0.262
target
0.559 / 2
range for
0.292 / 2
the federal
-0.31 / 4
funds rate at 2-
-0.089 / 4
1/4 to 2-
-0.19 / 4
1/2 percent.
-0.256 / 4
The Committee continues to
-0.158 / 4
view sustained expansion of
-0.165 / 4
economic activity, strong
0.014 / 5
labor market conditions, and
-0.019 / 8
inflation near the Committee's symmetric 2 percent
0.06 / 4
objective as the most
0.058 / 4
likely outcomes. In
-0.156 / 2
light of
-0.265 / 2
global economic
0.042 / 4
and financial developments and
-0.102 / 2
muted inflation
-0.099 / 2
pressures,
-0.307 / 2
the Committee
-0.301 / 2
will be
0.024 / 4
patient as it determines
0.334 / 4
what future adjustments to
0.31 / 2
the target
0.306 / 2
range for
0.076 / 2
the federal
0.041 / 2
funds rate
0.015 / 4
may be appropriate to
0.041 / 2
support these
0.095
outcomes
inputs
-0.317 / 2
Consistent with
-0.043
its
0.024
statutory
0.135
mandate,
0.103
0.257
the
0.425
Committee
-0.238 / 2
seeks to
-0.112 / 2
foster maximum
-0.089
employment
0.039
and
0.098 / 2
price stability.
0.09 / 2
In
0.08 / 2
support of
-0.133
these
-0.389
goals,
0.073 / 2
the
0.301
Committee
0.264
decided
-0.137
to
-0.157
maintain
-0.215
the
-0.231
target
-0.54 / 2
range for
-0.285 / 2
the federal
0.322 / 4
funds rate at 2-
0.042 / 4
1/4 to 2-
0.255 / 4
1/2 percent.
0.34 / 4
The Committee continues to
0.076 / 4
view sustained expansion of
0.088 / 4
economic activity, strong
0.172 / 5
labor market conditions, and
0.079 / 8
inflation near the Committee's symmetric 2 percent
-0.076 / 4
objective as the most
-0.082 / 4
likely outcomes. In
0.111 / 2
light of
0.105 / 2
global economic
0.141 / 4
and financial developments and
0.149 / 2
muted inflation
0.148 / 2
pressures,
0.147 / 2
the Committee
0.14 / 2
will be
-0.272 / 4
patient as it determines
-0.339 / 4
what future adjustments to
-0.312 / 2
the target
-0.309 / 2
range for
-0.007 / 2
the federal
0.05 / 2
funds rate
-0.042 / 4
may be appropriate to
0.043 / 2
support these
0.034
outcomes
inputs
-0.317 / 2
Consistent with
-0.043
its
0.024
statutory
0.135
mandate,
0.103
0.257
the
0.425
Committee
-0.238 / 2
seeks to
-0.112 / 2
foster maximum
-0.089
employment
0.039
and
0.098 / 2
price stability.
0.09 / 2
In
0.08 / 2
support of
-0.133
these
-0.389
goals,
0.073 / 2
the
0.301
Committee
0.264
decided
-0.137
to
-0.157
maintain
-0.215
the
-0.231
target
-0.54 / 2
range for
-0.285 / 2
the federal
0.322 / 4
funds rate at 2-
0.042 / 4
1/4 to 2-
0.255 / 4
1/2 percent.
0.34 / 4
The Committee continues to
0.076 / 4
view sustained expansion of
0.088 / 4
economic activity, strong
0.172 / 5
labor market conditions, and
0.079 / 8
inflation near the Committee's symmetric 2 percent
-0.076 / 4
objective as the most
-0.082 / 4
likely outcomes. In
0.111 / 2
light of
0.105 / 2
global economic
0.141 / 4
and financial developments and
0.149 / 2
muted inflation
0.148 / 2
pressures,
0.147 / 2
the Committee
0.14 / 2
will be
-0.272 / 4
patient as it determines
-0.339 / 4
what future adjustments to
-0.312 / 2
the target
-0.309 / 2
range for
-0.007 / 2
the federal
0.05 / 2
funds rate
-0.042 / 4
may be appropriate to
0.043 / 2
support these
0.034
outcomes
inputs
-0.175 / 2
Consistent with
0.105
its
0.204
statutory
0.389
mandate,
0.197
0.168
the
0.273
Committee
-0.126 / 2
seeks to
-0.039 / 2
foster maximum
-0.047
employment
-0.198
and
-0.148 / 2
price stability.
-0.114 / 2
In
0.048 / 2
support of
-0.207
these
-0.428
goals,
-0.114 / 2
the
0.198
Committee
0.126
decided
-0.142
to
-0.158
maintain
-0.123
the
-0.137
target
-0.405 / 2
range for
-0.149 / 2
the federal
0.504 / 4
funds rate at 2-
0.219 / 4
1/4 to 2-
0.106 / 4
1/2 percent.
0.128 / 4
The Committee continues to
0.222 / 4
view sustained expansion of
0.231 / 4
economic activity, strong
0.09 / 5
labor market conditions, and
-0.451 / 8
inflation near the Committee's symmetric 2 percent
-0.164 / 4
objective as the most
-0.183 / 4
likely outcomes. In
0.099 / 2
light of
0.3 / 2
global economic
0.101 / 4
and financial developments and
-0.109 / 2
muted inflation
-0.106 / 2
pressures,
0.236 / 2
the Committee
0.23 / 2
will be
-0.193 / 4
patient as it determines
-0.228 / 4
what future adjustments to
-0.07 / 2
the target
-0.075 / 2
range for
0.234 / 2
the federal
0.277 / 2
funds rate
-0.006 / 4
may be appropriate to
-0.177 / 2
support these
-0.216
outcomes
inputs
-0.175 / 2
Consistent with
0.105
its
0.204
statutory
0.389
mandate,
0.197
0.168
the
0.273
Committee
-0.126 / 2
seeks to
-0.039 / 2
foster maximum
-0.047
employment
-0.198
and
-0.148 / 2
price stability.
-0.114 / 2
In
0.048 / 2
support of
-0.207
these
-0.428
goals,
-0.114 / 2
the
0.198
Committee
0.126
decided
-0.142
to
-0.158
maintain
-0.123
the
-0.137
target
-0.405 / 2
range for
-0.149 / 2
the federal
0.504 / 4
funds rate at 2-
0.219 / 4
1/4 to 2-
0.106 / 4
1/2 percent.
0.128 / 4
The Committee continues to
0.222 / 4
view sustained expansion of
0.231 / 4
economic activity, strong
0.09 / 5
labor market conditions, and
-0.451 / 8
inflation near the Committee's symmetric 2 percent
-0.164 / 4
objective as the most
-0.183 / 4
likely outcomes. In
0.099 / 2
light of
0.3 / 2
global economic
0.101 / 4
and financial developments and
-0.109 / 2
muted inflation
-0.106 / 2
pressures,
0.236 / 2
the Committee
0.23 / 2
will be
-0.193 / 4
patient as it determines
-0.228 / 4
what future adjustments to
-0.07 / 2
the target
-0.075 / 2
range for
0.234 / 2
the federal
0.277 / 2
funds rate
-0.006 / 4
may be appropriate to
-0.177 / 2
support these
-0.216
outcomes
[3]
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years
inputs
-0.329 / 2
In these
-0.347 / 2
circumstances,
-0.277 / 2
the Federal
-0.283 / 2
Reserve will
-0.212 / 4
employ all available tools
0.044 / 4
to promote economic recovery
-0.001
and
0.061 / 4
to preserve price stability.
0.122 / 4
The Committee will
-0.343 / 4
maintain the target range
-0.265 / 4
for the federal funds
0.333 / 2
rate at
0.223 / 2
0 to
0.21 / 4
1/4 percent and
-0.117 / 4
continues to anticipate that
-0.165 / 4
economic conditions are likely
0.138 / 4
to warrant exceptionally low
0.058 / 4
levels of the federal
0.542 / 4
funds rate for an
0.378 / 4
extended period. As
0.391 / 9
previously announced, to provide support to mortgage lending
-0.379 / 4
and housing markets and
-0.195 / 8
to improve overall conditions in private credit markets,
-0.233 / 4
the Federal Reserve
-0.178 / 2
will purchase
-0.177 / 2
a total
0.241 / 8
of up to $1.25 trillion of
0.233 / 5
agency mortgage-backed securities and
-0.202 / 16
up to $200 billion of agency debt by the end of the year. In
-0.135 / 4
addition, the Federal
-0.133 / 4
Reserve is in the
-0.212 / 8
process of buying $300 billion of Treasury
0.309 / 8
securities. To promote a smooth transition in
0.147 / 4
markets as these purchases
0.118 / 4
of Treasury securities are
-0.123 / 4
completed, the Committee
-0.123 / 4
has decided to gradually
0.154 / 4
slow the pace of
0.26 / 3
these transactions and
0.153 / 4
anticipates that the full
0.155 / 4
amount will be purchased
0.292 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.28 / 8
overall amounts of its purchases of securities in
-0.06 / 4
light of the evolving
-0.078 / 3
economic outlook and
0.18 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.123 / 6
and composition of its balance sheet
-0.056 / 8
and will make adjustments to its credit and
-0.137 / 2
liquidity programs
-0.142 / 2
as warranted
inputs
-0.329 / 2
In these
-0.347 / 2
circumstances,
-0.277 / 2
the Federal
-0.283 / 2
Reserve will
-0.212 / 4
employ all available tools
0.044 / 4
to promote economic recovery
-0.001
and
0.061 / 4
to preserve price stability.
0.122 / 4
The Committee will
-0.343 / 4
maintain the target range
-0.265 / 4
for the federal funds
0.333 / 2
rate at
0.223 / 2
0 to
0.21 / 4
1/4 percent and
-0.117 / 4
continues to anticipate that
-0.165 / 4
economic conditions are likely
0.138 / 4
to warrant exceptionally low
0.058 / 4
levels of the federal
0.542 / 4
funds rate for an
0.378 / 4
extended period. As
0.391 / 9
previously announced, to provide support to mortgage lending
-0.379 / 4
and housing markets and
-0.195 / 8
to improve overall conditions in private credit markets,
-0.233 / 4
the Federal Reserve
-0.178 / 2
will purchase
-0.177 / 2
a total
0.241 / 8
of up to $1.25 trillion of
0.233 / 5
agency mortgage-backed securities and
-0.202 / 16
up to $200 billion of agency debt by the end of the year. In
-0.135 / 4
addition, the Federal
-0.133 / 4
Reserve is in the
-0.212 / 8
process of buying $300 billion of Treasury
0.309 / 8
securities. To promote a smooth transition in
0.147 / 4
markets as these purchases
0.118 / 4
of Treasury securities are
-0.123 / 4
completed, the Committee
-0.123 / 4
has decided to gradually
0.154 / 4
slow the pace of
0.26 / 3
these transactions and
0.153 / 4
anticipates that the full
0.155 / 4
amount will be purchased
0.292 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.28 / 8
overall amounts of its purchases of securities in
-0.06 / 4
light of the evolving
-0.078 / 3
economic outlook and
0.18 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.123 / 6
and composition of its balance sheet
-0.056 / 8
and will make adjustments to its credit and
-0.137 / 2
liquidity programs
-0.142 / 2
as warranted
inputs
-0.271 / 2
In these
-0.31 / 2
circumstances,
-0.264 / 2
the Federal
-0.269 / 2
Reserve will
0.028 / 4
employ all available tools
0.318 / 4
to promote economic recovery
0.194
and
-0.161 / 4
to preserve price stability.
-0.115 / 4
The Committee will
-0.313 / 4
maintain the target range
-0.226 / 4
for the federal funds
0.241 / 2
rate at
0.144 / 2
0 to
-0.05 / 4
1/4 percent and
-0.132 / 4
continues to anticipate that
-0.079 / 4
economic conditions are likely
0.241 / 4
to warrant exceptionally low
0.134 / 4
levels of the federal
0.41 / 4
funds rate for an
0.269 / 4
extended period. As
0.328 / 9
previously announced, to provide support to mortgage lending
-0.202 / 4
and housing markets and
-0.279 / 8
to improve overall conditions in private credit markets,
-0.194 / 4
the Federal Reserve
-0.222 / 2
will purchase
-0.219 / 2
a total
0.238 / 8
of up to $1.25 trillion of
0.222 / 5
agency mortgage-backed securities and
-0.14 / 16
up to $200 billion of agency debt by the end of the year. In
-0.121 / 4
addition, the Federal
-0.119 / 4
Reserve is in the
-0.203 / 8
process of buying $300 billion of Treasury
0.377 / 8
securities. To promote a smooth transition in
0.289 / 4
markets as these purchases
0.249 / 4
of Treasury securities are
-0.253 / 4
completed, the Committee
-0.219 / 4
has decided to gradually
0.229 / 4
slow the pace of
0.351 / 3
these transactions and
0.081 / 4
anticipates that the full
0.015 / 4
amount will be purchased
0.092 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.314 / 8
overall amounts of its purchases of securities in
-0.029 / 4
light of the evolving
-0.041 / 3
economic outlook and
0.25 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.087 / 6
and composition of its balance sheet
-0.284 / 8
and will make adjustments to its credit and
-0.088 / 2
liquidity programs
-0.123 / 2
as warranted
inputs
-0.271 / 2
In these
-0.31 / 2
circumstances,
-0.264 / 2
the Federal
-0.269 / 2
Reserve will
0.028 / 4
employ all available tools
0.318 / 4
to promote economic recovery
0.194
and
-0.161 / 4
to preserve price stability.
-0.115 / 4
The Committee will
-0.313 / 4
maintain the target range
-0.226 / 4
for the federal funds
0.241 / 2
rate at
0.144 / 2
0 to
-0.05 / 4
1/4 percent and
-0.132 / 4
continues to anticipate that
-0.079 / 4
economic conditions are likely
0.241 / 4
to warrant exceptionally low
0.134 / 4
levels of the federal
0.41 / 4
funds rate for an
0.269 / 4
extended period. As
0.328 / 9
previously announced, to provide support to mortgage lending
-0.202 / 4
and housing markets and
-0.279 / 8
to improve overall conditions in private credit markets,
-0.194 / 4
the Federal Reserve
-0.222 / 2
will purchase
-0.219 / 2
a total
0.238 / 8
of up to $1.25 trillion of
0.222 / 5
agency mortgage-backed securities and
-0.14 / 16
up to $200 billion of agency debt by the end of the year. In
-0.121 / 4
addition, the Federal
-0.119 / 4
Reserve is in the
-0.203 / 8
process of buying $300 billion of Treasury
0.377 / 8
securities. To promote a smooth transition in
0.289 / 4
markets as these purchases
0.249 / 4
of Treasury securities are
-0.253 / 4
completed, the Committee
-0.219 / 4
has decided to gradually
0.229 / 4
slow the pace of
0.351 / 3
these transactions and
0.081 / 4
anticipates that the full
0.015 / 4
amount will be purchased
0.092 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.314 / 8
overall amounts of its purchases of securities in
-0.029 / 4
light of the evolving
-0.041 / 3
economic outlook and
0.25 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.087 / 6
and composition of its balance sheet
-0.284 / 8
and will make adjustments to its credit and
-0.088 / 2
liquidity programs
-0.123 / 2
as warranted
inputs
-0.328 / 2
In these
-0.328 / 2
circumstances,
-0.377 / 2
the Federal
-0.387 / 2
Reserve will
-0.299 / 4
employ all available tools
0.089 / 4
to promote economic recovery
0.056
and
0.144 / 4
to preserve price stability.
0.245 / 4
The Committee will
-0.391 / 4
maintain the target range
-0.314 / 4
for the federal funds
0.302 / 2
rate at
0.227 / 2
0 to
0.261 / 4
1/4 percent and
-0.059 / 4
continues to anticipate that
-0.112 / 4
economic conditions are likely
0.15 / 4
to warrant exceptionally low
0.072 / 4
levels of the federal
0.396 / 4
funds rate for an
0.273 / 4
extended period. As
0.342 / 9
previously announced, to provide support to mortgage lending
-0.421 / 4
and housing markets and
0.169 / 8
to improve overall conditions in private credit markets,
-0.365 / 4
the Federal Reserve
-0.176 / 2
will purchase
-0.17 / 2
a total
0.176 / 8
of up to $1.25 trillion of
0.175 / 5
agency mortgage-backed securities and
-0.134 / 16
up to $200 billion of agency debt by the end of the year. In
-0.158 / 4
addition, the Federal
-0.16 / 4
Reserve is in the
-0.187 / 8
process of buying $300 billion of Treasury
0.195 / 8
securities. To promote a smooth transition in
-0.002 / 4
markets as these purchases
-0.009 / 4
of Treasury securities are
0.114 / 4
completed, the Committee
0.065 / 4
has decided to gradually
0.191 / 4
slow the pace of
0.2 / 3
these transactions and
0.038 / 4
anticipates that the full
0.007 / 4
amount will be purchased
0.568 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.193 / 8
overall amounts of its purchases of securities in
-0.041 / 4
light of the evolving
-0.056 / 3
economic outlook and
-0.003 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.183 / 6
and composition of its balance sheet
0.149 / 8
and will make adjustments to its credit and
-0.073 / 2
liquidity programs
-0.067 / 2
as warranted
inputs
-0.328 / 2
In these
-0.328 / 2
circumstances,
-0.377 / 2
the Federal
-0.387 / 2
Reserve will
-0.299 / 4
employ all available tools
0.089 / 4
to promote economic recovery
0.056
and
0.144 / 4
to preserve price stability.
0.245 / 4
The Committee will
-0.391 / 4
maintain the target range
-0.314 / 4
for the federal funds
0.302 / 2
rate at
0.227 / 2
0 to
0.261 / 4
1/4 percent and
-0.059 / 4
continues to anticipate that
-0.112 / 4
economic conditions are likely
0.15 / 4
to warrant exceptionally low
0.072 / 4
levels of the federal
0.396 / 4
funds rate for an
0.273 / 4
extended period. As
0.342 / 9
previously announced, to provide support to mortgage lending
-0.421 / 4
and housing markets and
0.169 / 8
to improve overall conditions in private credit markets,
-0.365 / 4
the Federal Reserve
-0.176 / 2
will purchase
-0.17 / 2
a total
0.176 / 8
of up to $1.25 trillion of
0.175 / 5
agency mortgage-backed securities and
-0.134 / 16
up to $200 billion of agency debt by the end of the year. In
-0.158 / 4
addition, the Federal
-0.16 / 4
Reserve is in the
-0.187 / 8
process of buying $300 billion of Treasury
0.195 / 8
securities. To promote a smooth transition in
-0.002 / 4
markets as these purchases
-0.009 / 4
of Treasury securities are
0.114 / 4
completed, the Committee
0.065 / 4
has decided to gradually
0.191 / 4
slow the pace of
0.2 / 3
these transactions and
0.038 / 4
anticipates that the full
0.007 / 4
amount will be purchased
0.568 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.193 / 8
overall amounts of its purchases of securities in
-0.041 / 4
light of the evolving
-0.056 / 3
economic outlook and
-0.003 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.183 / 6
and composition of its balance sheet
0.149 / 8
and will make adjustments to its credit and
-0.073 / 2
liquidity programs
-0.067 / 2
as warranted
inputs
0.205 / 2
In these
0.189 / 2
circumstances,
0.134 / 2
the Federal
0.16 / 2
Reserve will
0.327 / 4
employ all available tools
-0.171 / 4
to promote economic recovery
-0.058
and
-0.244 / 4
to preserve price stability.
-0.302 / 4
The Committee will
0.352 / 4
maintain the target range
0.292 / 4
for the federal funds
-0.111 / 2
rate at
-0.107 / 2
0 to
0.031 / 4
1/4 percent and
-0.231 / 4
continues to anticipate that
-0.233 / 4
economic conditions are likely
-0.045 / 4
to warrant exceptionally low
0.008 / 4
levels of the federal
-0.076 / 4
funds rate for an
-0.007 / 4
extended period. As
0.059 / 9
previously announced, to provide support to mortgage lending
0.103 / 4
and housing markets and
0.24 / 8
to improve overall conditions in private credit markets,
0.144 / 4
the Federal Reserve
0.173 / 2
will purchase
0.17 / 2
a total
-0.014 / 8
of up to $1.25 trillion of
-0.007 / 5
agency mortgage-backed securities and
0.26 / 16
up to $200 billion of agency debt by the end of the year. In
0.196 / 4
addition, the Federal
0.206 / 4
Reserve is in the
0.225 / 8
process of buying $300 billion of Treasury
-0.079 / 8
securities. To promote a smooth transition in
-0.163 / 4
markets as these purchases
-0.084 / 4
of Treasury securities are
-0.13 / 4
completed, the Committee
-0.011 / 4
has decided to gradually
-0.126 / 4
slow the pace of
-0.28 / 3
these transactions and
-0.062 / 4
anticipates that the full
-0.025 / 4
amount will be purchased
-0.695 / 15
by the end of October. The Committee will continue to evaluate the timing and
-0.201 / 8
overall amounts of its purchases of securities in
0.049 / 4
light of the evolving
-0.005 / 3
economic outlook and
-0.174 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.037 / 6
and composition of its balance sheet
0.153 / 8
and will make adjustments to its credit and
-0.001 / 2
liquidity programs
0.004 / 2
as warranted
inputs
0.205 / 2
In these
0.189 / 2
circumstances,
0.134 / 2
the Federal
0.16 / 2
Reserve will
0.327 / 4
employ all available tools
-0.171 / 4
to promote economic recovery
-0.058
and
-0.244 / 4
to preserve price stability.
-0.302 / 4
The Committee will
0.352 / 4
maintain the target range
0.292 / 4
for the federal funds
-0.111 / 2
rate at
-0.107 / 2
0 to
0.031 / 4
1/4 percent and
-0.231 / 4
continues to anticipate that
-0.233 / 4
economic conditions are likely
-0.045 / 4
to warrant exceptionally low
0.008 / 4
levels of the federal
-0.076 / 4
funds rate for an
-0.007 / 4
extended period. As
0.059 / 9
previously announced, to provide support to mortgage lending
0.103 / 4
and housing markets and
0.24 / 8
to improve overall conditions in private credit markets,
0.144 / 4
the Federal Reserve
0.173 / 2
will purchase
0.17 / 2
a total
-0.014 / 8
of up to $1.25 trillion of
-0.007 / 5
agency mortgage-backed securities and
0.26 / 16
up to $200 billion of agency debt by the end of the year. In
0.196 / 4
addition, the Federal
0.206 / 4
Reserve is in the
0.225 / 8
process of buying $300 billion of Treasury
-0.079 / 8
securities. To promote a smooth transition in
-0.163 / 4
markets as these purchases
-0.084 / 4
of Treasury securities are
-0.13 / 4
completed, the Committee
-0.011 / 4
has decided to gradually
-0.126 / 4
slow the pace of
-0.28 / 3
these transactions and
-0.062 / 4
anticipates that the full
-0.025 / 4
amount will be purchased
-0.695 / 15
by the end of October. The Committee will continue to evaluate the timing and
-0.201 / 8
overall amounts of its purchases of securities in
0.049 / 4
light of the evolving
-0.005 / 3
economic outlook and
-0.174 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.037 / 6
and composition of its balance sheet
0.153 / 8
and will make adjustments to its credit and
-0.001 / 2
liquidity programs
0.004 / 2
as warranted
inputs
-0.095 / 2
In these
-0.065 / 2
circumstances,
-0.266 / 2
the Federal
-0.293 / 2
Reserve will
-0.227 / 4
employ all available tools
0.227 / 4
to promote economic recovery
0.14
and
0.088 / 4
to preserve price stability.
0.155 / 4
The Committee will
-0.415 / 4
maintain the target range
-0.34 / 4
for the federal funds
0.062 / 2
rate at
0.032 / 2
0 to
-0.031 / 4
1/4 percent and
0.103 / 4
continues to anticipate that
0.155 / 4
economic conditions are likely
0.254 / 4
to warrant exceptionally low
0.108 / 4
levels of the federal
-0.102 / 4
funds rate for an
-0.186 / 4
extended period. As
0.449 / 9
previously announced, to provide support to mortgage lending
-0.243 / 4
and housing markets and
0.135 / 8
to improve overall conditions in private credit markets,
-0.179 / 4
the Federal Reserve
-0.235 / 2
will purchase
-0.233 / 2
a total
0.18 / 8
of up to $1.25 trillion of
0.234 / 5
agency mortgage-backed securities and
0.17 / 16
up to $200 billion of agency debt by the end of the year. In
-0.092 / 4
addition, the Federal
-0.087 / 4
Reserve is in the
-0.131 / 8
process of buying $300 billion of Treasury
-0.166 / 8
securities. To promote a smooth transition in
0.011 / 4
markets as these purchases
-0.002 / 4
of Treasury securities are
0.324 / 4
completed, the Committee
0.322 / 4
has decided to gradually
0.403 / 4
slow the pace of
0.228 / 3
these transactions and
-0.329 / 4
anticipates that the full
-0.314 / 4
amount will be purchased
0.043 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.051 / 8
overall amounts of its purchases of securities in
0.166 / 4
light of the evolving
0.16 / 3
economic outlook and
-0.205 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.092 / 6
and composition of its balance sheet
-0.027 / 8
and will make adjustments to its credit and
0.116 / 2
liquidity programs
0.035 / 2
as warranted
inputs
-0.095 / 2
In these
-0.065 / 2
circumstances,
-0.266 / 2
the Federal
-0.293 / 2
Reserve will
-0.227 / 4
employ all available tools
0.227 / 4
to promote economic recovery
0.14
and
0.088 / 4
to preserve price stability.
0.155 / 4
The Committee will
-0.415 / 4
maintain the target range
-0.34 / 4
for the federal funds
0.062 / 2
rate at
0.032 / 2
0 to
-0.031 / 4
1/4 percent and
0.103 / 4
continues to anticipate that
0.155 / 4
economic conditions are likely
0.254 / 4
to warrant exceptionally low
0.108 / 4
levels of the federal
-0.102 / 4
funds rate for an
-0.186 / 4
extended period. As
0.449 / 9
previously announced, to provide support to mortgage lending
-0.243 / 4
and housing markets and
0.135 / 8
to improve overall conditions in private credit markets,
-0.179 / 4
the Federal Reserve
-0.235 / 2
will purchase
-0.233 / 2
a total
0.18 / 8
of up to $1.25 trillion of
0.234 / 5
agency mortgage-backed securities and
0.17 / 16
up to $200 billion of agency debt by the end of the year. In
-0.092 / 4
addition, the Federal
-0.087 / 4
Reserve is in the
-0.131 / 8
process of buying $300 billion of Treasury
-0.166 / 8
securities. To promote a smooth transition in
0.011 / 4
markets as these purchases
-0.002 / 4
of Treasury securities are
0.324 / 4
completed, the Committee
0.322 / 4
has decided to gradually
0.403 / 4
slow the pace of
0.228 / 3
these transactions and
-0.329 / 4
anticipates that the full
-0.314 / 4
amount will be purchased
0.043 / 15
by the end of October. The Committee will continue to evaluate the timing and
0.051 / 8
overall amounts of its purchases of securities in
0.166 / 4
light of the evolving
0.16 / 3
economic outlook and
-0.205 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.092 / 6
and composition of its balance sheet
-0.027 / 8
and will make adjustments to its credit and
0.116 / 2
liquidity programs
0.035 / 2
as warranted
inputs
-0.339 / 2
In these
-0.266 / 2
circumstances,
-0.16 / 2
the Federal
-0.213 / 2
Reserve will
-0.214 / 4
employ all available tools
0.164 / 4
to promote economic recovery
0.127
and
0.379 / 4
to preserve price stability.
0.507 / 4
The Committee will
-0.152 / 4
maintain the target range
-0.062 / 4
for the federal funds
0.271 / 2
rate at
0.173 / 2
0 to
0.131 / 4
1/4 percent and
0.22 / 4
continues to anticipate that
0.232 / 4
economic conditions are likely
0.217 / 4
to warrant exceptionally low
0.158 / 4
levels of the federal
0.14 / 4
funds rate for an
0.034 / 4
extended period. As
0.407 / 9
previously announced, to provide support to mortgage lending
-0.061 / 4
and housing markets and
-0.142 / 8
to improve overall conditions in private credit markets,
-0.023 / 4
the Federal Reserve
-0.276 / 2
will purchase
-0.252 / 2
a total
0.063 / 8
of up to $1.25 trillion of
0.09 / 5
agency mortgage-backed securities and
-0.411 / 16
up to $200 billion of agency debt by the end of the year. In
-0.08 / 4
addition, the Federal
-0.086 / 4
Reserve is in the
-0.127 / 8
process of buying $300 billion of Treasury
0.082 / 8
securities. To promote a smooth transition in
-0.095 / 4
markets as these purchases
-0.119 / 4
of Treasury securities are
0.161 / 4
completed, the Committee
0.109 / 4
has decided to gradually
0.201 / 4
slow the pace of
0.265 / 3
these transactions and
-0.307 / 4
anticipates that the full
-0.433 / 4
amount will be purchased
-0.218 / 15
by the end of October. The Committee will continue to evaluate the timing and
-0.019 / 8
overall amounts of its purchases of securities in
0.109 / 4
light of the evolving
0.133 / 3
economic outlook and
0.003 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.093 / 6
and composition of its balance sheet
-0.191 / 8
and will make adjustments to its credit and
-0.001 / 2
liquidity programs
-0.034 / 2
as warranted
inputs
-0.339 / 2
In these
-0.266 / 2
circumstances,
-0.16 / 2
the Federal
-0.213 / 2
Reserve will
-0.214 / 4
employ all available tools
0.164 / 4
to promote economic recovery
0.127
and
0.379 / 4
to preserve price stability.
0.507 / 4
The Committee will
-0.152 / 4
maintain the target range
-0.062 / 4
for the federal funds
0.271 / 2
rate at
0.173 / 2
0 to
0.131 / 4
1/4 percent and
0.22 / 4
continues to anticipate that
0.232 / 4
economic conditions are likely
0.217 / 4
to warrant exceptionally low
0.158 / 4
levels of the federal
0.14 / 4
funds rate for an
0.034 / 4
extended period. As
0.407 / 9
previously announced, to provide support to mortgage lending
-0.061 / 4
and housing markets and
-0.142 / 8
to improve overall conditions in private credit markets,
-0.023 / 4
the Federal Reserve
-0.276 / 2
will purchase
-0.252 / 2
a total
0.063 / 8
of up to $1.25 trillion of
0.09 / 5
agency mortgage-backed securities and
-0.411 / 16
up to $200 billion of agency debt by the end of the year. In
-0.08 / 4
addition, the Federal
-0.086 / 4
Reserve is in the
-0.127 / 8
process of buying $300 billion of Treasury
0.082 / 8
securities. To promote a smooth transition in
-0.095 / 4
markets as these purchases
-0.119 / 4
of Treasury securities are
0.161 / 4
completed, the Committee
0.109 / 4
has decided to gradually
0.201 / 4
slow the pace of
0.265 / 3
these transactions and
-0.307 / 4
anticipates that the full
-0.433 / 4
amount will be purchased
-0.218 / 15
by the end of October. The Committee will continue to evaluate the timing and
-0.019 / 8
overall amounts of its purchases of securities in
0.109 / 4
light of the evolving
0.133 / 3
economic outlook and
0.003 / 12
conditions in financial markets. The Federal Reserve is monitoring the size
-0.093 / 6
and composition of its balance sheet
-0.191 / 8
and will make adjustments to its credit and
-0.001 / 2
liquidity programs
-0.034 / 2
as warranted
[4]
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years
inputs
0.277 / 2
The Committee
0.237 / 2
seeks to
0.12 / 3
achieve maximum employment
0.102
and
0.633 / 4
inflation at the rate
0.556 / 4
of 2 percent over
-0.203 / 4
the longer run.
-0.144 / 4
With inflation having run
-0.408 / 4
persistently below this longer-
-0.401 / 4
run goal, the
-0.108 / 8
Committee will aim to achieve inflation moderately above
0.08 / 8
2 percent for some time so that inflation
-0.041 / 5
averages 2 percent over time
-0.15 / 5
and longer‑term inflation expectations
-0.314 / 4
remain well anchored at
0.291 / 4
2 percent. The
-0.008 / 2
Committee expects
-0.058 / 2
to maintain
0.057 / 2
an accommodative
0.063 / 2
stance of
-0.125 / 4
monetary policy until these
-0.158 / 4
outcomes are achieved.
-0.127 / 4
The Committee decided to
-0.155 / 4
keep the target range
0.364 / 4
for the federal funds
0.438 / 4
rate at 0 to
0.098 / 3
1/4 percent
0.082
and
-0.327 / 8
expects it will be appropriate to maintain this
-0.166 / 4
target range until labor
-0.145 / 4
market conditions have reached
0.103 / 4
levels consistent with the
0.126 / 7
Committee's assessments of maximum employment and
-0.064 / 7
inflation has risen to 2 percent and
0.056 / 4
is on track to
0.056 / 4
moderately exceed 2 percent
-0.042 / 8
for some time. In addition, the
-0.338 / 4
Federal Reserve will continue
-0.352 / 4
to increase its holdings
-0.193 / 12
of Treasury securities by at least $80 billion per month and
0.232 / 4
of agency mortgage‑backed
0.229 / 4
securities by at least
0.157 / 8
$40 billion per month until substantial further
0.043 / 4
progress has been made
0.061 / 7
toward the Committee's maximum employment and
-0.191 / 8
price stability goals. These asset purchases help
-0.108 / 5
foster smooth market functioning and
-0.106 / 2
accommodative financial
-0.111 / 2
conditions,
-0.007 / 2
thereby supporting
-0.014 / 2
the flow
0.052 / 4
of credit to households
0.048 / 2
and businesses
inputs
0.277 / 2
The Committee
0.237 / 2
seeks to
0.12 / 3
achieve maximum employment
0.102
and
0.633 / 4
inflation at the rate
0.556 / 4
of 2 percent over
-0.203 / 4
the longer run.
-0.144 / 4
With inflation having run
-0.408 / 4
persistently below this longer-
-0.401 / 4
run goal, the
-0.108 / 8
Committee will aim to achieve inflation moderately above
0.08 / 8
2 percent for some time so that inflation
-0.041 / 5
averages 2 percent over time
-0.15 / 5
and longer‑term inflation expectations
-0.314 / 4
remain well anchored at
0.291 / 4
2 percent. The
-0.008 / 2
Committee expects
-0.058 / 2
to maintain
0.057 / 2
an accommodative
0.063 / 2
stance of
-0.125 / 4
monetary policy until these
-0.158 / 4
outcomes are achieved.
-0.127 / 4
The Committee decided to
-0.155 / 4
keep the target range
0.364 / 4
for the federal funds
0.438 / 4
rate at 0 to
0.098 / 3
1/4 percent
0.082
and
-0.327 / 8
expects it will be appropriate to maintain this
-0.166 / 4
target range until labor
-0.145 / 4
market conditions have reached
0.103 / 4
levels consistent with the
0.126 / 7
Committee's assessments of maximum employment and
-0.064 / 7
inflation has risen to 2 percent and
0.056 / 4
is on track to
0.056 / 4
moderately exceed 2 percent
-0.042 / 8
for some time. In addition, the
-0.338 / 4
Federal Reserve will continue
-0.352 / 4
to increase its holdings
-0.193 / 12
of Treasury securities by at least $80 billion per month and
0.232 / 4
of agency mortgage‑backed
0.229 / 4
securities by at least
0.157 / 8
$40 billion per month until substantial further
0.043 / 4
progress has been made
0.061 / 7
toward the Committee's maximum employment and
-0.191 / 8
price stability goals. These asset purchases help
-0.108 / 5
foster smooth market functioning and
-0.106 / 2
accommodative financial
-0.111 / 2
conditions,
-0.007 / 2
thereby supporting
-0.014 / 2
the flow
0.052 / 4
of credit to households
0.048 / 2
and businesses
inputs
0.215 / 2
The Committee
0.22 / 2
seeks to
0.176 / 3
achieve maximum employment
0.12
and
0.569 / 4
inflation at the rate
0.394 / 4
of 2 percent over
-0.043 / 4
the longer run.
0.019 / 4
With inflation having run
-0.319 / 4
persistently below this longer-
-0.301 / 4
run goal, the
0.142 / 8
Committee will aim to achieve inflation moderately above
-0.063 / 8
2 percent for some time so that inflation
-0.039 / 5
averages 2 percent over time
-0.099 / 5
and longer‑term inflation expectations
-0.391 / 4
remain well anchored at
-0.01 / 4
2 percent. The
-0.076 / 2
Committee expects
-0.09 / 2
to maintain
0.041 / 2
an accommodative
0.049 / 2
stance of
-0.047 / 4
monetary policy until these
-0.094 / 4
outcomes are achieved.
-0.148 / 4
The Committee decided to
-0.142 / 4
keep the target range
0.357 / 4
for the federal funds
0.394 / 4
rate at 0 to
0.095 / 3
1/4 percent
0.07
and
-0.377 / 8
expects it will be appropriate to maintain this
0.021 / 4
target range until labor
-0.004 / 4
market conditions have reached
0.117 / 4
levels consistent with the
0.127 / 7
Committee's assessments of maximum employment and
0.052 / 7
inflation has risen to 2 percent and
-0.031 / 4
is on track to
-0.032 / 4
moderately exceed 2 percent
-0.03 / 8
for some time. In addition, the
-0.343 / 4
Federal Reserve will continue
-0.369 / 4
to increase its holdings
-0.255 / 12
of Treasury securities by at least $80 billion per month and
0.215 / 4
of agency mortgage‑backed
0.219 / 4
securities by at least
0.112 / 8
$40 billion per month until substantial further
-0.012 / 4
progress has been made
0.009 / 7
toward the Committee's maximum employment and
-0.101 / 8
price stability goals. These asset purchases help
-0.022 / 5
foster smooth market functioning and
-0.104 / 2
accommodative financial
-0.11 / 2
conditions,
-0.029 / 2
thereby supporting
-0.036 / 2
the flow
0.028 / 4
of credit to households
-0.045 / 2
and businesses
inputs
0.215 / 2
The Committee
0.22 / 2
seeks to
0.176 / 3
achieve maximum employment
0.12
and
0.569 / 4
inflation at the rate
0.394 / 4
of 2 percent over
-0.043 / 4
the longer run.
0.019 / 4
With inflation having run
-0.319 / 4
persistently below this longer-
-0.301 / 4
run goal, the
0.142 / 8
Committee will aim to achieve inflation moderately above
-0.063 / 8
2 percent for some time so that inflation
-0.039 / 5
averages 2 percent over time
-0.099 / 5
and longer‑term inflation expectations
-0.391 / 4
remain well anchored at
-0.01 / 4
2 percent. The
-0.076 / 2
Committee expects
-0.09 / 2
to maintain
0.041 / 2
an accommodative
0.049 / 2
stance of
-0.047 / 4
monetary policy until these
-0.094 / 4
outcomes are achieved.
-0.148 / 4
The Committee decided to
-0.142 / 4
keep the target range
0.357 / 4
for the federal funds
0.394 / 4
rate at 0 to
0.095 / 3
1/4 percent
0.07
and
-0.377 / 8
expects it will be appropriate to maintain this
0.021 / 4
target range until labor
-0.004 / 4
market conditions have reached
0.117 / 4
levels consistent with the
0.127 / 7
Committee's assessments of maximum employment and
0.052 / 7
inflation has risen to 2 percent and
-0.031 / 4
is on track to
-0.032 / 4
moderately exceed 2 percent
-0.03 / 8
for some time. In addition, the
-0.343 / 4
Federal Reserve will continue
-0.369 / 4
to increase its holdings
-0.255 / 12
of Treasury securities by at least $80 billion per month and
0.215 / 4
of agency mortgage‑backed
0.219 / 4
securities by at least
0.112 / 8
$40 billion per month until substantial further
-0.012 / 4
progress has been made
0.009 / 7
toward the Committee's maximum employment and
-0.101 / 8
price stability goals. These asset purchases help
-0.022 / 5
foster smooth market functioning and
-0.104 / 2
accommodative financial
-0.11 / 2
conditions,
-0.029 / 2
thereby supporting
-0.036 / 2
the flow
0.028 / 4
of credit to households
-0.045 / 2
and businesses
inputs
0.44 / 2
The Committee
0.331 / 2
seeks to
0.081 / 3
achieve maximum employment
0.083
and
0.565 / 4
inflation at the rate
0.526 / 4
of 2 percent over
-0.197 / 4
the longer run.
-0.126 / 4
With inflation having run
-0.357 / 4
persistently below this longer-
-0.353 / 4
run goal, the
0.102 / 8
Committee will aim to achieve inflation moderately above
0.114 / 8
2 percent for some time so that inflation
-0.063 / 5
averages 2 percent over time
-0.15 / 5
and longer‑term inflation expectations
-0.291 / 4
remain well anchored at
0.25 / 4
2 percent. The
0.113 / 2
Committee expects
0.036 / 2
to maintain
0.138 / 2
an accommodative
0.138 / 2
stance of
-0.267 / 4
monetary policy until these
-0.273 / 4
outcomes are achieved.
-0.178 / 4
The Committee decided to
-0.235 / 4
keep the target range
0.195 / 4
for the federal funds
0.275 / 4
rate at 0 to
0.058 / 3
1/4 percent
0.047
and
-0.356 / 8
expects it will be appropriate to maintain this
-0.282 / 4
target range until labor
-0.217 / 4
market conditions have reached
0.111 / 4
levels consistent with the
0.137 / 7
Committee's assessments of maximum employment and
0.11 / 7
inflation has risen to 2 percent and
0.088 / 4
is on track to
0.087 / 4
moderately exceed 2 percent
-0.006 / 8
for some time. In addition, the
-0.349 / 4
Federal Reserve will continue
-0.311 / 4
to increase its holdings
-0.152 / 12
of Treasury securities by at least $80 billion per month and
0.166 / 4
of agency mortgage‑backed
0.151 / 4
securities by at least
0.116 / 8
$40 billion per month until substantial further
0.118 / 4
progress has been made
0.138 / 7
toward the Committee's maximum employment and
-0.264 / 8
price stability goals. These asset purchases help
-0.203 / 5
foster smooth market functioning and
-0.126 / 2
accommodative financial
-0.131 / 2
conditions,
-0.054 / 2
thereby supporting
-0.06 / 2
the flow
0.118 / 4
of credit to households
0.17 / 2
and businesses
inputs
0.44 / 2
The Committee
0.331 / 2
seeks to
0.081 / 3
achieve maximum employment
0.083
and
0.565 / 4
inflation at the rate
0.526 / 4
of 2 percent over
-0.197 / 4
the longer run.
-0.126 / 4
With inflation having run
-0.357 / 4
persistently below this longer-
-0.353 / 4
run goal, the
0.102 / 8
Committee will aim to achieve inflation moderately above
0.114 / 8
2 percent for some time so that inflation
-0.063 / 5
averages 2 percent over time
-0.15 / 5
and longer‑term inflation expectations
-0.291 / 4
remain well anchored at
0.25 / 4
2 percent. The
0.113 / 2
Committee expects
0.036 / 2
to maintain
0.138 / 2
an accommodative
0.138 / 2
stance of
-0.267 / 4
monetary policy until these
-0.273 / 4
outcomes are achieved.
-0.178 / 4
The Committee decided to
-0.235 / 4
keep the target range
0.195 / 4
for the federal funds
0.275 / 4
rate at 0 to
0.058 / 3
1/4 percent
0.047
and
-0.356 / 8
expects it will be appropriate to maintain this
-0.282 / 4
target range until labor
-0.217 / 4
market conditions have reached
0.111 / 4
levels consistent with the
0.137 / 7
Committee's assessments of maximum employment and
0.11 / 7
inflation has risen to 2 percent and
0.088 / 4
is on track to
0.087 / 4
moderately exceed 2 percent
-0.006 / 8
for some time. In addition, the
-0.349 / 4
Federal Reserve will continue
-0.311 / 4
to increase its holdings
-0.152 / 12
of Treasury securities by at least $80 billion per month and
0.166 / 4
of agency mortgage‑backed
0.151 / 4
securities by at least
0.116 / 8
$40 billion per month until substantial further
0.118 / 4
progress has been made
0.138 / 7
toward the Committee's maximum employment and
-0.264 / 8
price stability goals. These asset purchases help
-0.203 / 5
foster smooth market functioning and
-0.126 / 2
accommodative financial
-0.131 / 2
conditions,
-0.054 / 2
thereby supporting
-0.06 / 2
the flow
0.118 / 4
of credit to households
0.17 / 2
and businesses
inputs
-0.359 / 2
The Committee
-0.208 / 2
seeks to
0.079 / 3
achieve maximum employment
0.076
and
-0.519 / 4
inflation at the rate
-0.424 / 4
of 2 percent over
-0.059 / 4
the longer run.
-0.137 / 4
With inflation having run
0.32 / 4
persistently below this longer-
0.331 / 4
run goal, the
-0.317 / 8
Committee will aim to achieve inflation moderately above
0.211 / 8
2 percent for some time so that inflation
-0.032 / 5
averages 2 percent over time
-0.057 / 5
and longer‑term inflation expectations
0.233 / 4
remain well anchored at
-0.047 / 4
2 percent. The
-0.213 / 2
Committee expects
-0.146 / 2
to maintain
-0.068 / 2
an accommodative
-0.082 / 2
stance of
0.094 / 4
monetary policy until these
0.095 / 4
outcomes are achieved.
0.277 / 4
The Committee decided to
0.327 / 4
keep the target range
-0.138 / 4
for the federal funds
-0.242 / 4
rate at 0 to
-0.006 / 3
1/4 percent
0.013
and
-0.067 / 8
expects it will be appropriate to maintain this
0.369 / 4
target range until labor
0.217 / 4
market conditions have reached
-0.132 / 4
levels consistent with the
-0.147 / 7
Committee's assessments of maximum employment and
-0.153 / 7
inflation has risen to 2 percent and
-0.015 / 4
is on track to
-0.012 / 4
moderately exceed 2 percent
0.005 / 8
for some time. In addition, the
0.418 / 4
Federal Reserve will continue
0.461 / 4
to increase its holdings
0.278 / 12
of Treasury securities by at least $80 billion per month and
-0.191 / 4
of agency mortgage‑backed
-0.184 / 4
securities by at least
0.051 / 8
$40 billion per month until substantial further
-0.083 / 4
progress has been made
-0.108 / 7
toward the Committee's maximum employment and
0.105 / 8
price stability goals. These asset purchases help
0.008 / 5
foster smooth market functioning and
0.149 / 2
accommodative financial
0.157 / 2
conditions,
-0.005 / 2
thereby supporting
0.001 / 2
the flow
-0.049 / 4
of credit to households
-0.072 / 2
and businesses
inputs
-0.359 / 2
The Committee
-0.208 / 2
seeks to
0.079 / 3
achieve maximum employment
0.076
and
-0.519 / 4
inflation at the rate
-0.424 / 4
of 2 percent over
-0.059 / 4
the longer run.
-0.137 / 4
With inflation having run
0.32 / 4
persistently below this longer-
0.331 / 4
run goal, the
-0.317 / 8
Committee will aim to achieve inflation moderately above
0.211 / 8
2 percent for some time so that inflation
-0.032 / 5
averages 2 percent over time
-0.057 / 5
and longer‑term inflation expectations
0.233 / 4
remain well anchored at
-0.047 / 4
2 percent. The
-0.213 / 2
Committee expects
-0.146 / 2
to maintain
-0.068 / 2
an accommodative
-0.082 / 2
stance of
0.094 / 4
monetary policy until these
0.095 / 4
outcomes are achieved.
0.277 / 4
The Committee decided to
0.327 / 4
keep the target range
-0.138 / 4
for the federal funds
-0.242 / 4
rate at 0 to
-0.006 / 3
1/4 percent
0.013
and
-0.067 / 8
expects it will be appropriate to maintain this
0.369 / 4
target range until labor
0.217 / 4
market conditions have reached
-0.132 / 4
levels consistent with the
-0.147 / 7
Committee's assessments of maximum employment and
-0.153 / 7
inflation has risen to 2 percent and
-0.015 / 4
is on track to
-0.012 / 4
moderately exceed 2 percent
0.005 / 8
for some time. In addition, the
0.418 / 4
Federal Reserve will continue
0.461 / 4
to increase its holdings
0.278 / 12
of Treasury securities by at least $80 billion per month and
-0.191 / 4
of agency mortgage‑backed
-0.184 / 4
securities by at least
0.051 / 8
$40 billion per month until substantial further
-0.083 / 4
progress has been made
-0.108 / 7
toward the Committee's maximum employment and
0.105 / 8
price stability goals. These asset purchases help
0.008 / 5
foster smooth market functioning and
0.149 / 2
accommodative financial
0.157 / 2
conditions,
-0.005 / 2
thereby supporting
0.001 / 2
the flow
-0.049 / 4
of credit to households
-0.072 / 2
and businesses
inputs
0.311 / 2
The Committee
0.122 / 2
seeks to
-0.387 / 3
achieve maximum employment
-0.274
and
0.359 / 4
inflation at the rate
0.261 / 4
of 2 percent over
0.092 / 4
the longer run.
0.13 / 4
With inflation having run
-0.207 / 4
persistently below this longer-
-0.239 / 4
run goal, the
0.142 / 8
Committee will aim to achieve inflation moderately above
-0.145 / 8
2 percent for some time so that inflation
-0.276 / 5
averages 2 percent over time
-0.382 / 5
and longer‑term inflation expectations
-0.258 / 4
remain well anchored at
0.11 / 4
2 percent. The
-0.034 / 2
Committee expects
-0.09 / 2
to maintain
-0.205 / 2
an accommodative
-0.161 / 2
stance of
0.076 / 4
monetary policy until these
0.069 / 4
outcomes are achieved.
-0.096 / 4
The Committee decided to
-0.135 / 4
keep the target range
0.115 / 4
for the federal funds
0.168 / 4
rate at 0 to
-0.039 / 3
1/4 percent
-0.027
and
-0.257 / 8
expects it will be appropriate to maintain this
-0.328 / 4
target range until labor
-0.184 / 4
market conditions have reached
0.044 / 4
levels consistent with the
0.04 / 7
Committee's assessments of maximum employment and
0.313 / 7
inflation has risen to 2 percent and
0.096 / 4
is on track to
0.088 / 4
moderately exceed 2 percent
0.178 / 8
for some time. In addition, the
-0.176 / 4
Federal Reserve will continue
-0.222 / 4
to increase its holdings
-0.081 / 12
of Treasury securities by at least $80 billion per month and
0.222 / 4
of agency mortgage‑backed
0.149 / 4
securities by at least
-0.208 / 8
$40 billion per month until substantial further
0.348 / 4
progress has been made
0.357 / 7
toward the Committee's maximum employment and
0.229 / 8
price stability goals. These asset purchases help
0.247 / 5
foster smooth market functioning and
-0.138 / 2
accommodative financial
-0.153 / 2
conditions,
0.037 / 2
thereby supporting
0.029 / 2
the flow
0.139 / 4
of credit to households
0.233 / 2
and businesses
inputs
0.311 / 2
The Committee
0.122 / 2
seeks to
-0.387 / 3
achieve maximum employment
-0.274
and
0.359 / 4
inflation at the rate
0.261 / 4
of 2 percent over
0.092 / 4
the longer run.
0.13 / 4
With inflation having run
-0.207 / 4
persistently below this longer-
-0.239 / 4
run goal, the
0.142 / 8
Committee will aim to achieve inflation moderately above
-0.145 / 8
2 percent for some time so that inflation
-0.276 / 5
averages 2 percent over time
-0.382 / 5
and longer‑term inflation expectations
-0.258 / 4
remain well anchored at
0.11 / 4
2 percent. The
-0.034 / 2
Committee expects
-0.09 / 2
to maintain
-0.205 / 2
an accommodative
-0.161 / 2
stance of
0.076 / 4
monetary policy until these
0.069 / 4
outcomes are achieved.
-0.096 / 4
The Committee decided to
-0.135 / 4
keep the target range
0.115 / 4
for the federal funds
0.168 / 4
rate at 0 to
-0.039 / 3
1/4 percent
-0.027
and
-0.257 / 8
expects it will be appropriate to maintain this
-0.328 / 4
target range until labor
-0.184 / 4
market conditions have reached
0.044 / 4
levels consistent with the
0.04 / 7
Committee's assessments of maximum employment and
0.313 / 7
inflation has risen to 2 percent and
0.096 / 4
is on track to
0.088 / 4
moderately exceed 2 percent
0.178 / 8
for some time. In addition, the
-0.176 / 4
Federal Reserve will continue
-0.222 / 4
to increase its holdings
-0.081 / 12
of Treasury securities by at least $80 billion per month and
0.222 / 4
of agency mortgage‑backed
0.149 / 4
securities by at least
-0.208 / 8
$40 billion per month until substantial further
0.348 / 4
progress has been made
0.357 / 7
toward the Committee's maximum employment and
0.229 / 8
price stability goals. These asset purchases help
0.247 / 5
foster smooth market functioning and
-0.138 / 2
accommodative financial
-0.153 / 2
conditions,
0.037 / 2
thereby supporting
0.029 / 2
the flow
0.139 / 4
of credit to households
0.233 / 2
and businesses
inputs
0.476 / 2
The Committee
0.315 / 2
seeks to
0.207 / 3
achieve maximum employment
0.218
and
0.045 / 4
inflation at the rate
-0.055 / 4
of 2 percent over
-0.094 / 4
the longer run.
-0.094 / 4
With inflation having run
-0.169 / 4
persistently below this longer-
-0.179 / 4
run goal, the
0.089 / 8
Committee will aim to achieve inflation moderately above
-0.389 / 8
2 percent for some time so that inflation
-0.29 / 5
averages 2 percent over time
-0.355 / 5
and longer‑term inflation expectations
-0.175 / 4
remain well anchored at
-0.179 / 4
2 percent. The
0.134 / 2
Committee expects
0.074 / 2
to maintain
-0.016 / 2
an accommodative
-0.003 / 2
stance of
0.349 / 4
monetary policy until these
0.257 / 4
outcomes are achieved.
0.088 / 4
The Committee decided to
0.056 / 4
keep the target range
0.256 / 4
for the federal funds
0.354 / 4
rate at 0 to
0.042 / 3
1/4 percent
0.038
and
-0.061 / 8
expects it will be appropriate to maintain this
-0.235 / 4
target range until labor
-0.245 / 4
market conditions have reached
0.149 / 4
levels consistent with the
0.171 / 7
Committee's assessments of maximum employment and
-0.227 / 7
inflation has risen to 2 percent and
-0.026 / 4
is on track to
-0.029 / 4
moderately exceed 2 percent
-0.095 / 8
for some time. In addition, the
-0.159 / 4
Federal Reserve will continue
-0.187 / 4
to increase its holdings
-0.208 / 12
of Treasury securities by at least $80 billion per month and
0.113 / 4
of agency mortgage‑backed
0.038 / 4
securities by at least
-0.173 / 8
$40 billion per month until substantial further
0.158 / 4
progress has been made
0.186 / 7
toward the Committee's maximum employment and
-0.034 / 8
price stability goals. These asset purchases help
0.029 / 5
foster smooth market functioning and
-0.116 / 2
accommodative financial
-0.12 / 2
conditions,
0.058 / 2
thereby supporting
0.055 / 2
the flow
-0.034 / 4
of credit to households
-0.007 / 2
and businesses
inputs
0.476 / 2
The Committee
0.315 / 2
seeks to
0.207 / 3
achieve maximum employment
0.218
and
0.045 / 4
inflation at the rate
-0.055 / 4
of 2 percent over
-0.094 / 4
the longer run.
-0.094 / 4
With inflation having run
-0.169 / 4
persistently below this longer-
-0.179 / 4
run goal, the
0.089 / 8
Committee will aim to achieve inflation moderately above
-0.389 / 8
2 percent for some time so that inflation
-0.29 / 5
averages 2 percent over time
-0.355 / 5
and longer‑term inflation expectations
-0.175 / 4
remain well anchored at
-0.179 / 4
2 percent. The
0.134 / 2
Committee expects
0.074 / 2
to maintain
-0.016 / 2
an accommodative
-0.003 / 2
stance of
0.349 / 4
monetary policy until these
0.257 / 4
outcomes are achieved.
0.088 / 4
The Committee decided to
0.056 / 4
keep the target range
0.256 / 4
for the federal funds
0.354 / 4
rate at 0 to
0.042 / 3
1/4 percent
0.038
and
-0.061 / 8
expects it will be appropriate to maintain this
-0.235 / 4
target range until labor
-0.245 / 4
market conditions have reached
0.149 / 4
levels consistent with the
0.171 / 7
Committee's assessments of maximum employment and
-0.227 / 7
inflation has risen to 2 percent and
-0.026 / 4
is on track to
-0.029 / 4
moderately exceed 2 percent
-0.095 / 8
for some time. In addition, the
-0.159 / 4
Federal Reserve will continue
-0.187 / 4
to increase its holdings
-0.208 / 12
of Treasury securities by at least $80 billion per month and
0.113 / 4
of agency mortgage‑backed
0.038 / 4
securities by at least
-0.173 / 8
$40 billion per month until substantial further
0.158 / 4
progress has been made
0.186 / 7
toward the Committee's maximum employment and
-0.034 / 8
price stability goals. These asset purchases help
0.029 / 5
foster smooth market functioning and
-0.116 / 2
accommodative financial
-0.12 / 2
conditions,
0.058 / 2
thereby supporting
0.055 / 2
the flow
-0.034 / 4
of credit to households
-0.007 / 2
and businesses
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